In 1978, as I recall, Chinese GDP was 177, 178 billion dollars. Most recently, it was 17.8 trillion; that's 100 X. And our business made China rich and allowed them to move people from the farms to the cities. Ironically, there are a lot of people who want to do outsourcing who say, now, China is too expensive because the Chinese miracle raised the per capita income in China.
If a key to personal happiness is low expectations, then a key to investing may be realistic expectations. Howard Marks is the co-founder and co-chairman of Oaktree Capital Management. Motley Fool Director of Small Cap Research Bill Mann caught up with Marks to discuss: - Why higher interest rates created a “Sea Change” for investors - China’s economic miracle, and its impact on inflation - Lessons from the era of easy money - What life insurance companies can teach investors about risk
To read Howard Marks' latest memo, click here: https://www.oaktreecapital.com/insights/memo/sea-change Host: Bill Mann Guest: Howard Marks Producer: Ricky Mulvey Engineers: Rick Engdahl, Annie Franks
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