The Memo by Howard Marks cover image

Behind the Memo: Easy Money with Howard Marks and Edward Chancellor

The Memo by Howard Marks

NOTE

Interest: The First Financial Innovation

Interest is considered the first financial innovation as it has ancient origins linked to the productivity of livestock. This concept allowed people to loan livestock in exchange for interest even in prehistoric times. According to a Yale Economic Historian, interest is the most crucial invention in finance history as it enables transactions to occur across time. Economic and financial activities inherently involve transactions across time, a fact often overlooked.

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