Market / General
Memos from Howard Marks: Easy Money

Oaktree Co-Founder Howard Marks explains what the recent shift from ultra-low interest rates to more normal rates means for investors and portfolios.

1 min read

Howard Marks writes in his latest memo about what financial history tells us about how easy money impacts investor behavior and what happens when ultra-loose monetary policy ends. Drawing on Edward Chancellor’s The Price of Time: The Real Story of Interest, Marks makes the case for why investors should be prepared for the federal funds rate to average between 3% and 3.5% over the next decade.