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Memos from Howard Marks: Ruminating on Asset AllocationWe are currently in the midst of an infrastructure "super-cycle," as the world looks to modernize its infrastructure. We believe that three main themes will continue to drive significant investment opportunity: 'The Three D's'
Whether it is the investment to meet the staggering growth in data consumption, the shift away from traditional fossil fuels, or the acceleration toward e-commerce, these and other long-term trends require a tremendous amount of capital. As part of this super-cycle, there are three main themes that we believe will continue to drive significant investment opportunity for decades to come: Digitalization, Decarbonization and Deglobalization.