Canonical · Macro & Investing · Memo
Sea Change
Howard Marks · 2022
"A generational shift from falling to elevated rates ends the 40-year tailwind; credit and value are the new winners."
In 2022, Howard Marks declared a fundamental 'Sea Change' in global finance. He argued that the 40-year era of declining interest rates (1980-2020) was over, and the new era of higher rates would require entirely different investment strategies.
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