The Winds of Change
The Memo by Howard Marks
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The Fed Funds Rate
Both political parties have formed an unholy alliance, an undeclared war on the future. From neither party do we hear anything about sacrificing to day for a better to morrow. In some ways our most formidable challenge may be our leader's baffling indifference to our fiscal matastasis. The good news is that we've muddled through and enjoyed a good measure of prosperity despite the existence of these issues. Little or nothing has been done about them.
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