The most important question is whether we’re going to have stagflation

themarketNZZ/Christoph Gisiger interview of Howard Marks/1-30-2023

graphic illustration of old fashioned arcvhair investor“If we have slow growth, might we have stagflation? In other words, low growth and high inflation. That’s the worst of all worlds. This is what matters, not if we are going to have a recession in the second quarter or the third quarter and not whether it’s going to last three months or four months. But that’s what most people think about. They’re literally wasting their time thinking about short-term events and worrying about all the daily noise in the media.”

USAGOLD note: The latest from Howard Marks – much offered here in the way of practical advice for the private investor. Is the old-fashioned armchair investor making a comeback? All things considered, it seems to be the approach Marks is recommending, i.e., the opposite of the day trader mentality that has dominated markets the last several years.

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