if he's talking honestly he'd say that 90% of wealth managers dont beat markets and the whole profession and its suits are worthless compared to low fee ETFs that outperform them all over 10 years
In this interview and typically when talking about the unknowable nature of macro, Howard Marks talks about rates and inflation. He might say that a normal marked cycle isn't macro as much as a cycle of psychology in investors. The economic macro encironment is quite different than the prevailing psychology. Moreover, what Howard Marks says all the time is that we can't predict the future. We can know today's macro environment and we can act on it, but we can't (in his view) know how it'll be in the future and can't act on that. Same in a way with the cycle - we don't know when it'll turn, we can just figure out where we are now.
"I'd rather have a lumpy 15 that a smooth 12"
That's what she said!!!
if he's talking honestly he'd say that 90% of wealth managers dont beat markets and the whole profession and its suits are worthless compared to low fee ETFs that outperform them all over 10 years
Peter Lynch would agree to this as well. Don't invest based on maco enviroment.
This is the same man who wrote the book, ‘mastering the market cycle’. WTF
Have you read the book? Don’t answer, I already know you haven’t
In this interview and typically when talking about the unknowable nature of macro, Howard Marks talks about rates and inflation. He might say that a normal marked cycle isn't macro as much as a cycle of psychology in investors. The economic macro encironment is quite different than the prevailing psychology.
Moreover, what Howard Marks says all the time is that we can't predict the future. We can know today's macro environment and we can act on it, but we can't (in his view) know how it'll be in the future and can't act on that. Same in a way with the cycle - we don't know when it'll turn, we can just figure out where we are now.
Try to read the book 😂