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.
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!
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.
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!
Same for me — lyrics trip me up!