Sea Change
The Memo by Howard Marks
Investing in a Low Return World
From a low of 667 in March 2009, the S&P reached a high of 3,386 in February 2020. The markets' strength encouraged investors to drop their crisis-inspired risk aversion. Buyers were eager to buy, and holders weren't motivated to sell. Thanks to economic growth and plentiful liquidity, there were few defaults and bankruptcies.
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