In a memo released Tuesday, billionaire investor Howard Marks warned investors to expect the "lowest prospective returns in history."
Marks listed an array of reasons interest rates lowered returns, ranging from their stimulative effect to the reduction in the risk-free rate. "In my view, the low interest rates represent the dominant characteristic of the current financial environment, creating the dominant consideration for investors: the lowest prospective returns in history," the co-founder and co-chairman of Oaktree Capital Management wrote.
When the coronavirus pandemic prompted the Federal Reserve to lower interest rates, a policy move Marks viewed as necessary, expected returns lowered even more, he said. Marks listed an array of reasons interest rates lowered returns, ranging from their stimulative effect to the reduction in the risk-free rate.
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