Billionaire Howard Marks says investors have ‘gone from the low-return world of 2009-21 to a full-return world,’ and it’s a ‘sea change’ from the last 40 years

Photo of Howard Marks. (Credit: Lauren Justice/Bloomberg—Getty Images)

In his 53 years in the investment world, Howard Marks—the billionaire and co-founder of Oaktree Capital Management—said he’s only seen two real transformations in investing, until now. 

“I’ve seen a number of economic cycles, pendulum swings, manias and panics, bubbles and crashes, but I remember only two real sea changes,” Marks wrote in a memo published Tuesday. “I think we may be in the midst of a third one today.”