Links - 01/18/2023

“For the last 45 years, and I think for the rest of time, we don’t think of ‘Good idea, bad idea.’ We think ‘Risk, return. Risk, return.’ How risky is it? Is the promised return adequate to compensate for the risk?” —Howard Marks

“We’ve gone through an easy period for the last 14 years, and I believe that the coming period will be a harder period. Not a cataclysm. Not a depression. But I think people don’t recognize that the last 14 years have been unusually easy. And I believe that the coming years will not be similarly easy.” —Howard Marks (January 18, 2023)

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Oaktree’s Howard Marks on Markets, Fed Rates, Inflation (video) (LINK) [Marks was also on Bloomberg Businessweek in a similar discussion, HERE. In both appearances, his “Sea Change” Memo was the main topic of discussion.]

Greenlight Capital’s 2022 Annual Letter (LINK)

Mastering the Mental Game of Investing [Featuring Chris Davis and Morgan Housel] (LINK)

The last 14 years… (LINK)

Earning Wisdom (LINK)