Don't Overthink It - Bet On Safety And Predictability

mayo5 This article was co-produced with Leo Nelissen. On May 8, legendary investor Howard Marks wrote a fascinating memo titled “The Impact of Debt.” In that memo, he mentioned research from Morgan Housel, who dove into the history of Japanese companies that had been around for more than 500 years. These ultra-durable companies are known as “shinise” and have survived every recession, war, and natural disaster over the past 500 years because of one unique characteristic: they have no debt. Essentially,  ...