Howard Marks March 2022 Memo: The Pendulum in International Affairs
Howard Marks memo to Oaktree clients for the month of March 2022, titled, “The Pendulum in International Affairs.” As regular readers of my memos and books know, I’m strongly interested in – you might say obsessed with – the concept of the pendulum. The following is only a partial list of my writings on the subject: Q4 2021 hedge fund letters, conferences and more My second memo, written in April 1991, was creatively titled First Quarter Performance. It talked about the oscillation in securities markets between euphoria and depression; between celebrating positive developments and obsessing ov...