With all these significant changes underway, it’s easy to think the world is unusually complicated these days and to long for the way things were in the old days. On the other hand, at times like this I think back to something former Dallas Cowboys quarterback Don Meredith once said while providing commentary on Monday Night Football: “They don’t make ’em the way they used to. But then again, they never did.” Current times usually seem difficult, and we fondly remember the halcyon earlier days. But the past certainly wasn’t as comfortable as we remember it, and there were more challenges than we often recall.

— Howard Marks https://www.oaktreecapital.com/docs/default-source/memos/the-winds-of-change.pdf