Howard Marks Spots "Sea Change" In Investing Landscape
The market downturn definitely feels different than past ones.
It’s a feeling most investors have.
One of the greatest investors of our time has the same feeling too.
And he explains in it his latest letter to investors.
The Letter
Howard Marks is the founder of Oaktree Capital Management.
He has led the firm to grow to manage more than $160 billion for investors.
He writes regularly to Oaktree customers and the investing public at large.
His latest letter is set to be a classic.
Because it details some of the great changes that have occurred in the last few years and how they will affect returns going forward.
His latest memo is titled simply, “Sea Change.”
You can click here to read the full original of it.
But we’ve excerpted the key sections.
He leads off with (emphasis is his):
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.
