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

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3 thoughts on “Howard Marks’s ‘Perpetual Motion Machine’ In The Pandemic Era

  1. 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?

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