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Howard Marks Warns On FAANG: ‘Investors Cannot See The Future’
There's been no shortage of debate this year about the extent to which the current state of affairs is sustainable.
And no, I don't mean whether central banks can continue to levitate risk assets or suppress volatility, although those dynamics are invariably part and parcel of every other market dynamic one cares to discuss.
Rather, I'm talking about the extent to which benchmarks are dependent on just a handful of tech names that everyone assumes, in what certainly feels like deja vu all over
great analysis. Low vol seems to be the basis of the Minsky Moment. Complacency breeds excess risk taking. Something inherent in human nature leads to this, or else it wouldn’t be so common in so many different markets.