The main theme for investors right now is how the surge in bond rates made stocks less attractive. This had the S&P 500 (SPY) heading lower which compelled me to write recent commentaries about a term we should all get used to: Rate Normalization.
I am not the only investor fixated on this topic. Howard Marks, the famed money manager from OakTree, believes this theme has multi year effects on the investment landscape. That is a topic we need to dig into further today.
