Market
Memos from Howard Marks: The Indispensability of RiskHoward 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.
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