Thanks for sharing Howard Marks’ memo.

Just to give a shout-out to Murray Stahl and his crew at Horizon Kinetics, they’ve been talking about this sea change for years.

In a recent investors call they highlighted that over the last forty years there’s been: 1) “a 40-year, 90% decline in interest rates; 2) 40 years of exporting of inflation through the opening of previously closed developing-nation markets; 3) a 40-year, 25%-point decline in the corporate tax rate; 4) a 40-year trend of declining commodity costs; 5) the 40-year incalculable corporate cost/benefit impact of the appearance and ascendance of both the personal computer operating system and the internet; 6) a 30-year trend of rising corporate margins.”

Hats off to those guys. And yes, I’d agree we’re in for a sea change.

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Dec 16, 2022Liked by The Rational Walk

Thanks for the music recommendation. I can only listen to wordless music (i.e. classical) when I'm looking to tune out other noise and focus. I'm digging the jazz so far!

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Same for me — lyrics trip me up!

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