1/ My top three takeaways from Howard Marks' latest memo "Thinking About Macro".
Thread below🧵👇
#howardmarks #valueinvesting #macro
Thread below🧵👇
#howardmarks #valueinvesting #macro
2/ Most economic forecasters have lousy track records, so why trust them?
Time and attention is best spent elsewhere.
#economy #Economist
Time and attention is best spent elsewhere.
#economy #Economist
3/ Prices are mostly physiological elements reflected in reality.
Perceived increased demand can drive prices up, and vice versa.
Perception is not always reality.
#stockmarket
Perceived increased demand can drive prices up, and vice versa.
Perception is not always reality.
#stockmarket
4/ Today's inflation (like all macro predictions) is an important event, but the length unknowable.
Don't pretend to think you know the answer. Nobody does. Not even the Fed.
#inflation #FederalReserve
Don't pretend to think you know the answer. Nobody does. Not even the Fed.
#inflation #FederalReserve
5/ I pretty much never look at macro forecasts, and if I do, it is purely for entertainment purposes.
Rarely does it ever come into play on an investment decision.
Buying great companies at great prices is the wisest decision.
#ValueInvesting #staythecourse
Rarely does it ever come into play on an investment decision.
Buying great companies at great prices is the wisest decision.
#ValueInvesting #staythecourse
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