Howard Marks

a very low prospective return.

Historically, if you bought at this P-E ratio,

your return over the next 10 years averaged in the very low single digits.

So I think we're in a moderate return scenario.

The problem is that how do you get a high return in a moderate return scenario?

And most people's resort is to take a lot more risk.

And that's something I don't like to do other than when it's compelling.

Well, look, Lisa, here I'm not talking about investing or economics.

I'm talking about society.

And it's very worrying to me.

And, you know, I've gotten some very nice response from people I respect to the memo.

And one of them said he thinks we've seen this in response to the Internet over the last 25 years.

But it has not raised unemployment because the internet eliminated white collar jobs that were replaced by blue collar jobs, like people who pick stuff in warehouses and send it out in e-commerce.

So job count is not down, but job quality is down.

And I think that this is very worrisome.

And as I said in the addendum,

When we lost jobs to automation and offshoring, I think that that coincided with the opiate epidemic.

And not only in amount, but also in location.

And I think it's a natural consequence of people sitting around all day.

And even if we can find a way to replace their income,