11 Jan 2024 Howard Marks Memo: Easy Money - Portfolio As you no doubt know, Charlie Munger passed away on November 28 at the age of 99. I want to pay a small tribute to Charlie’s life and wisdom by sharing something he wrote me in 2001: “Maybe we have a new version of Lord Acton’s law: easy money corrupts, and really easy money corrupts absolutely.”
27 Dec 2023 Polen Capital Management: Putting Today’s Market in Context - Portfolio While 2023 saw a return to rewarding robust fundamentals, equity market returns have been distorted by a handful of companies, predominantly in the technology space. Through the third quarter of the year, approximately 92% of the S&P 500 Index’s market return was accounted for by the top ten holdings.