I was reading some of Howard Marks recent memo and articles and given at how fast the markets changed these days, the tone of the memos do differ and have changed over the past few days.

a)  ‘The world is more than 15% screwed up’: Billionaire investor Howard Marks warned the recent stock rally doesn’t reflect reality, dated 21 April 2020 (read here). To quote: “We’re only down 15% from the all-time high of February 19,” the investor said, referring to the S&P 500. “It seems to me the world is more than 15% screwed up.”

b) Knowledge of the Future dated 14 April 2020 (Read here). To quote the end of this memo: “The market seems to have passed judgment with regard to the future.  U.S. deaths have reached 23,000 and continue to rise.  Weekly unemployment claims are running at 10 times the all-time record.  The GDP decline