, Columnist
Howard Marks Knows the Value of 2020 Hindsight
Knowledge of the past can’t help you make decisions about the future — good luck if you saw the Covid crisis winners coming.
It's where we're going that matters, not where we've been.
Photographer: Jamie Grill/Getty Images
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Congratulations. As of Tuesday it has been three months — a full quarter since Feb. 19, when stock markets peaked and began their dramatic slide in the face of evidence that the coronavirus had spread beyond China. It feels much longer than that, and not just because February had an extra day this year. It does, however, give us a good opportunity to see how far we’ve come.