This is Howard Marks.

To sum up, many workers experienced a “timeout” during the pandemic – not working, working parttime, working from home, and/or certainly not traveling on business. For many, this may have occasioned a reset, giving them an opportunity to conclude, “You know, my career isn’t everything;

the amount of borrowed money – leverage – that it’s prudent to use is purely a function of the riskiness and volatility of the assets it’s used to purchase. The more stable the assets, the more leverage it’s safe to use. Riskier assets, less leverage. It’s that simple.

One of the main reasons for the problem today at financial institutions is that ... See more

In all aspects of our lives, we base our decisions on what we think probably will happen. And, in turn, we base that to a great extent on what usually happened in the past

it did in the past. And investments made on the assumptions that tomorrow will look like yesterday must be subject to vastly increased scrutiny.

• Many people seem to attach less importance to lifetime careers and advancement.