howard mark memo : on the couch

https://www.oaktreecapital.com/docs/default-source/memos/on-the-couch.pdf

interesting facts
1)the effect of a slowdown in china is almost negligible to the us account for less then 1% of s&p 500 profit and export to china = less then 1% of gdp

2) the low oil price amount to the equivalent of a reduction in taxes of 100's of billions
    fear of lower car sale due to higher interest when the cost to drive oil is going down are unwarranted

3) psychological contagion : last week most stock exchange we're down approximately 7% even if the global event should have totally different repercussion on them