The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 6 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Howard Marks: Tech automation threatens long-term employment for manual laborers
“Longer term, I worry about employment, mainly because of the stuff Bill does. You know, his companies are replacing labor with computing power, to over-exaggerate. I worry about where people whose main asset is a strong back are going to get jobs in the longer…”
Marks: Investors should reduce risk and take chips off the table
“I don't think we're in a massive bubble. I don't think this thing is gonna collapse anytime soon, but I do think that there is more risk than usual, which means that you should be more cautious than usual. I'm not saying that we're not going higher. I'm not sa…”
Howard Marks: Economists are now disregarding the Phillips Curve
“So now I think the Phillips curve is being disregarded.”
Marks: High-Yield Bonds Have Been Central to 40 Years of Finance
“In 78, I was asked to start a high-yield bond fund, and high-yield bonds have been the, shall we say, epicenter, although it's an advised word today, for almost everything that's happened, interestingly, in finance in the last 40 years.”
Howard Marks rejects Modern Monetary Theory's view that national debt doesn't matter
“And there's a theory called modern monetary theory that it doesn't matter, which I find that hard to accept.”
Marks: Brookfield's Canadian culture lacks the ego of New York finance
“They have a positive culture, a lot like ours, informal, casual, respectful. I say that the beautiful thing is that they're Canadians, not New Yorkers. So there's not an excess of ego or testosterone, no sharp elbows, no competitiveness.”