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Definition Of A Sea Change
- A sea change is a large, transformative shift distinct from normal cyclical fluctuations.
- Howard Marks calls it a transformation with long-term aspects that alters fundamental norms.
Focus On The Long Term, Not Short-Term Noise
- Don't overemphasize short-term forecasts; they have low predictability and limited long-term impact.
- Marks urges investors to focus on long-term positioning rather than short-term market timing.
How The Memo Originated
- The memo idea grew from a mid-October trip when Howard and Bruce Carson exchanged views.
- By the trip's end Howard had drafted the list of attributes that became the memo.