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Howard Marks’s ‘Perpetual Motion Machine’ In The Pandemic Era
Back in 2017, long before I stopped reading his memos, Howard Marks delivered one of the most incisive takes ever written on the extent to which US equities became a kind of perpetual motion machine in the post-financial crisis era.
I'm going to recycle some language from a yearsold article. When growth, tech and low vol all become synonymous, and when those classifications are used to construct a multitude of factor-based products, you end up with factor-crowding and a steady stream of money b
Reading this post makes the investing experience seem even more surreal than it already appears to be.
What percentage of passive/automatic 401-K payroll deductions (and the USD amount) are set to be invested into an SP 500 index fund?
Bravo, H, … this seemingly annual reminder of Mark’s Perpetual Motion Machine is akin to an annual reading of “The Night Before Christmas.” … appreciate it …
What did ever happen to old Howard to make him a caricature of himself?