The risk in current markets is not just low annualized returns but the possibility of sharp multiple compression occurring over 1-2 years (like 1973-74) rather than gradually over 10 years, which would produce large capital losses despite earnings growth.
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Speaker
Howard MarksEvidence Quote
“another possibility is that the multiple correction is compressed into a year or two implying a big decline in stock prices such as we saw in 1973 to 74 and 2002 the result in that case wouldn't be benign”
Created: 8/11/2026, 7:51:42 AM
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