Bloomberg Talks Oaktree Capital Management's Howard Marks on Present Economic Moment
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Apr 4, 2025 
Howard Marks, Co-Chairman of Oaktree Capital Management, shares his expert insights on the current economic climate and market selloff. He analyzes the impact of recent tariffs, stressing a shift away from globalization and its potential effects on trade. Marks also discusses navigating inflation and asset valuation, reflecting on the challenges posed by a changing economic environment. Investors are encouraged to reassess strategies amid volatility and view price declines as opportunities, while considering the broader implications for the U.S. investment landscape.
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Benefits of Globalization
- Global trade has driven economic growth and benefited consumers through lower prices.
- Restricting trade could lead to higher costs and potentially harm overall welfare.
Inflation and Tariffs
- Globalization has helped keep inflation low by providing cheaper goods.
- Tariffs could reverse this trend, leading to higher prices for consumers.
Stock Valuations and Returns
- High stock valuations suggest lower future returns compared to historical averages.
- The price you pay for an asset matters and significantly impacts potential returns.