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Sea Change

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sea change (idiom): a complete transformation, a radical change of direction in attitude, goals . . . (Grammarist) In my 53 years in the investment world, I’ve seen a number of economic cycles, pendulum swings, manias and panics, bubbles and crashes, but I remember only two real sea changes.  I think we may be in the midst of a third one today. As I’ve recounted many times in my memos, when I joined the investment management industry in 1969, many banks – like the one I worked for at the time – focused their equity portfolios on the so-called “Nifty Fifty.”  The Nifty Fifty comprised the stocks of companies that were considered the best and fastest-growing – so good that nothing bad could ever happen to them.  For these stocks, everyone was sure there was “no price too high.”  But if you bought the Nifty Fifty when I started at the bank and held them until 1974, you were sitting on losses of more than 90% . . . from owning pieces of the best companies in America.  Perceived quality, it

Sea Change Opens in a new window Opens an external site Opens an external site in a new window PDF Translations Japanese Korean Simplified Chinese Traditional Chinese Memos from Howard Marks 2022-12-13T08:00:00.0000000Z" pubdate title="Time posted: >12/13/2022 8:00:00 AM (UTC)">Dec 13, 2022 PDF (English) PDF (Translations) Listen to Memo Archived Memos Subscribe Sea Change sea change (idiom): a complete transformation, a radical change of direction in attitude, goals . . . ( Grammarist ) In my 53 years in the investment world, I've seen a number of economic cycles, pendulum swings, manias and

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