The Memo by Howard Marks The Insight: Conversations – Walking into the Unknown with Howard Marks, David Rosenberg, and Aman Kumar
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Jan 4, 2024 
Listen to Howard Marks, David Rosenberg, and Aman Kumar as they discuss the concept of normalcy in financial markets and interest rates, the challenge of changing perspectives, factors driving the market rally, monitoring consumer spending, and the volatility in the life sciences public equity market.
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Rethink The 'Normal' Rate Environment
- Investors should question the long-term assumption of continuously declining, ultra-low interest rates.
- A changed rate environment means past strategies may no longer work and require reevaluation.
Adapt When Conditions Change
- When new information contradicts your position, be willing to change your mind and adapt.
- Stay open to possibilities rather than clinging to fixed investment rules.
Credit Offers Equity-Like Returns
- Credit can offer equity-like returns with lower risk because borrowers are generally less leveraged today.
- Liquid and private credit yields approaching 10% compete strongly with equities for many investors.