Echo

An echo is a slightly delayed, slightly distorted, repeat. In a canyon, we yell, there’s a pause, and we hear ourselves yell back but it sounds a bit different than the original message. That’s part of what we’ve been seeing in the market. When the pandemic started to...

Ripples

Consequences are the kinds of things that either haunt us or applaud us. It would appear that, at some level, we live in a cause-and-effect world. The problem is that it’s not always easy to see what caused what, or to predict the effects. And we’re living in it right...

Today is Yesterday’s Future

One of the bright minds of the investment world is Howard Marks – even Buffett listens when Howard speaks. And Howard recently wrote about “Knowledge of the Future.” In a memo to his clients he quoted a Harvard epidemiologist who shared that there are a) facts, b)...