In Howard Marks’ latest memo, he connects two seemingly unrelated trends – Europe’s energy dependence and US offshoring – to explain why the pendulum of companies’ and countries’ behaviour may be swinging away from globalisation and toward onshoring. This shift will likely create risk for investors, but also opportunities. Listen to the memo below, or read the PDF here.

You can also listen to the 'Behind the Scenes' of the Memo, where Marks discusses the origins and important themes of the recent memo: The Pendulum in International Affairs.

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