Howard Marks：The Role of Confidence, Excerpt 12

As mentioned above, I think recently many investors have been holding riskier positions than are natural for them, largely because, thanks to the Fed’s low-rate policies, the lower-risk things they might have preferred offered so little return. Thus their investing actions were coerced, rather than being undergirded by confidence in the fundamentals. The uncertainty that has been present in the last few years should have had a healthy effect on the environment by calling for a high level of prudence . . . if the Fed had let it take effect. But instead the Fed forced people into risk taking, and the combination of risk taking and weak resolve had the anticipatable effect when the first doubts reared their heads.

Source： https://www.oaktreecapital.com/docs/default-source/memos/2013-08-05-the-role-of-confidence.pdf
Locator：Memo, excerpt 12 · Verified：2026-10-19 · Verification：Short excerpt

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