4min chapter

We Study Billionaires - The Investor’s Podcast Network cover image

TIP545: The Third Sea Change Has Begun w/ Howard Marks

We Study Billionaires - The Investor’s Podcast Network

CHAPTER

The Impact of Declining Interest Rates on the Financial World

The decline in interest rates was the biggest single event of the last 45 years. It's not a coincidence that this is when private equity had its great success. We wouldn't have hedge funds, venture capital, private equity, and all the derivatives at the institutional level if the old fiduciary rules were still enforced. shifting to thinking about risk and return together really has made the investment universe unrecognizable from 50 years ago.

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