Sea Change

OakTree/Howard Marks/1-12-2022

“In my 53 years in the investment world, I’ve seen a number of economic cycles, pendulum swings, manias and panics, bubbles and crashes, but I remember only two real sea changes.  I think we may be in the midst of a third one today.”

USAGOLD note: With that Marks embarks upon a  long dissertation on the three eras he isolates including the present one. All in all, he sees the present era as very different from “most of the last 40 years”. A sea change has occurred. As a result, investment strategies that worked best in the previous era “may not be the ones that outperform in the years ahead.” The full analysis is available at the link and well-worth the time spent. Marks is one of Warren Buffett’s favorite analysts.