In his latest memo, Howard Marks writes that the investment world may be experiencing the third major sea change over the last 50 years. Events in recent years – especially the spike in inflation and the Federal Reserve’s response – appear to have caused a reversal of the market conditions that prevailed during the post-GFC (Global Financial Crisis) period and for much of the last four decades. Howard discusses what this potentially new era could mean for lenders, especially bargain hunters. The memo is read by LJ Ganser.You can read the memo here (https://www.oaktreecapital.com/insights/memo/sea-change).