
2020 in Review
The Memo by Howard Marks
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Introduction
The corona viris brought on the worst global pandemic in over a century. More than 300 forty thousand people died from covet 19 85 % of the number who died in battle in the four years of world war two. The federal reserve grew its portfolio by two point seven trillion dollars, or roughly 55%. And the us. Treasury funded roughly four trillion dollars in grants and loans. Unlike the credit crunches that accompanied many past crises, capital flowed like water.
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