Howard Marks’ Memo Spotlights Major Shift in Investing Approach, Raises Behavioral Considerations
Steve Shu Consulting
DECEMBER 21, 2022
The second sea change had to do with macroeconomic policy and use of interest rate controls to not only control inflation but also feed a market fueled by declining interest rates (and turbo charged by leverage) resulting in four decades of 10.3% growth when looking at the S&P 500. I also see the role of inertia.
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