👋 Hey there, happy Friday and welcome to the WalletBurst monthly newsletter for the month of January 2023.
- Howard Marks is the co-founder of Oaktree Capital, the largest investor in distressed securities in the world. He believes we are in just the third sea change that he has seen over his 53 years in the investing world.
- His thesis: the investing environment going forward is going to be much different from the last 13 years following the great financial crisis. This means that the strategies that worked in the previous paradigm are unlikely to outperform in the years ahead.
- “…We’re unlikely to quickly see the same optimism and ease that marked the post-GFC period.”
- “…If you’re young and have the opportunity to try your ‘someday’ dream earlier, you absolutely should . Not just because you’ll get better over time but because the cost of failure will be much lower.”
- “It’s worth it to delay the compounding interest of a career by 5 or 7 years so you can make sure you have picked the right one.”
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