Howard Marks

And if you looked at where they were in 98, and you hypothesized an investment in a portfolio of high-yield bonds in 98,

did you do over the last 17 years of 27 years and i think you did fine that's my point it's it has a high probability of doing fine whereas stocks if the valuations are elevated have some reasonable probability of doing less than fine is the united states still the focal point for defensive investments

You know, I think I said in the memo that I think the U.S.

is still the best place in the world to invest.

The things that make the U.S.

exceptional, the spirit of innovation, the free markets, the rule of law, the capital markets, the growth and dynamism, the great companies, these things are still all true.

But as I said in the memo, we're the best place.

We may be a little less best than we used to be.

The world is thinking that maybe the U.S.

is a little less best than it used to be.

And I can't argue against that.

I mean, fundamentally, as an investment environment,

I think things are a little bit deteriorated.

Well, as I say, I still think we're the best place in the world to invest.

You know, we're a great car at a high price.

You can get some cars around the world that are not as great as ours cheaper.

Which do you prefer?

Less good at a cheaper price or better at a more expensive price?

So, you know, other parts of the world do not have our dynamism.

And lots of places in the world are overregulated compared to the United States.