One of my favorite investors in the traditional markets is Howard Marks from Oaktree capital, he always manages to put things into perspective.
In a recent memo to investors called growing the pie, Marks goes into great detail of everything that he believes is going wrong in US politics at the moment and how it’s influencing the markets.
What struck me, was that in the entire eight pages of brilliance and laying out all of the major risks, the words ‘tariff’ and ‘trade’ do not even appear. To me, this is a clear sign that what ails the United States at the moment is deep beneath the headlines.
Indeed, for me anyway, global politics is becoming less of a concern by the day. In a recent poll from Goldman Sachs, 48% of respondents said that Brexit was their biggest focus in April.
Given my limited knowledge of Brexit however, as a macro investor, I’m actually trying to limit focus on it wherever possible. Yes, the headlines and deadlines are important, but unless they start moving the markets in a meaningful way I…