Howard Marks：The Role of Confidence, Excerpt 14

When an economist tells them that growing the nation’s debt over the past 12 years from $6 trillion to $16 trillion is not a problem, and that doubling it again will still not be a problem, this simply does not compute. They know the trajectory we are on, and that the most successful country in the history of the world can go into decline if it becomes arrogant or complacent. When politicians claim that this tax increase or that spending cut will generate trillions over the next decade, they are properly skeptical over whether anyone can truly know what will happen next year, let alone a decade or more from now. They are wary of grand bargains that kick in years down the road, knowing that the failure to make hard decisions is how we got into today’s mess. . . .

Source： https://www.oaktreecapital.com/docs/default-source/memos/2013-08-05-the-role-of-confidence.pdf
Locator：Memo, excerpt 14 · Verified：2026-10-19 · Verification：Short excerpt

版权仍存续；仅摘录并链接橡树资本官网原文，不托管全文。

This text is still in copyright. Only a short excerpt is shown; read the full text at the official link above. Copyright

← Back to the library