What Really Matters?

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I’ve gathered a few ideas from several of my memos this year – plus some recent musings and conversations – to form the subject of this memo: what really matters or should matter for investors. I’ll start by examining a number of things that I think don’t matter. What Doesn’t Matter: Short-Term Events In The Illusion of Knowledge (September 2022), I railed against macro forecasting, which in our profession mostly concerns the next year or two. And in I Beg to Differ (July 2022), I discussed the questions I was asked most frequently at Oaktree’s June 21 conference in London: How bad will inflation get? How much will the Fed raise interest rates to fight it? Will those increases cause a recession? How bad and for how long? The bottom line, I told the attendees, was that these things all relate to the short term, and this is what I know about the short term: Most investors can’t do a superior job of predicting short-term phenomena like these. Thus, they shouldn’t put much stock in o

What Really Matters? 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 2022-11-22T08:00:00.0000000Z" pubdate title="Time posted: >11/22/2022 8:00:00 AM (UTC)">Nov 22, 2022 PDF (English) PDF (Translations) Listen to Memo Archived Memos Subscribe What Really Matters? I've gathered a few ideas from several of my memos this year - plus some recent musings and conversations - to form the subject of this memo: what really matters or should matter for investors. I'll start

What Really Matters?

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