
Coming Into Focus
The Memo by Howard Marks
Investing in a Crisis
With interest rates at zero, investors couldn't afford to be risk overse. They had to embrace risk assets in order to have a shot at returns above the low single digits. The sum of all this has kept prospective returns far lower than is usual in times of crisis. Great investments are often made when an investor is willing to buy something no one else will touch at any price.
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