Howard Marks letter every quarter is something that I eagerly look forward to. Q1 2019 letter can be found by clicking here.
On the ability of the populism to stir people;
Sound bites like these find receptive audeinces amonth people who are unhappy with their lot, whereas detecting the error in these statements requires an insight, sense of history and understanding of economics that many people lack.
Winston Churchill’s quote of capitalism and socialism;
The inherent vice of capitalism is the unequal sharing of blessings; the inherent virture of socialism is the eual sharing of miseries.
Summarising China’s agricultural history from a paper published in the Journal of International Affairs in 1986;
You can’t have it all. Most people lived much better because of the reforms, whereas under the prior system everyone had it the same, but most people lived far less well. Which is fairer?
Captialsims doesn’t know about or care about fairness in the sense of equal sharing. What it considers fair is the proposition that people who have greater ability or work harder should be able to earn more. That potential, it says, provides incentives for hard work and rewards those who achieve, ultimately resulting in a better life for almost everyone.