Howard Marks’s latest memo connects two seemingly unrelated trends – Europe’s energy dependence and U.S. offshoring – to explain why the pendulum of companies’ and countries’ behavior may be swinging away from globalization and toward onshoring. This shift will likely create risk for investors but also opportunities.

The memo is read by LJ Ganser.

You can read the memo here (https://www.oaktreecapital.com/docs/default-source/memos/the-pendulum-in-intl-affairs.pdf).