If falling stock prices result in lower spending by households, this is most commonly referred to as ___.

Howard Marks seems to believe that the Fed and the Treasury department are ___ at handling crises than they were 20 – 35 years ago.

Howard Marks believes that the difficulty in marking private credit “to-market” makes private credit appear ___ volatile than it actually is.

The Fed publication that contains anecdotal evidence about the economy from the 12 Federal Reserve districts is known as ___.

You have a very contrarian view (different than the consensus opinion of the market). You believe that US interest rates will increase significantly in the next year (to 10%) and will be much higher than rates in the rest of the developed world. If this happens, you should expect the dollar to ___.

In normal times (with no recession), an investor would expect to earn higher returns by investing in a ___ fund than in a ___ fund.

If we exclude the 20% of items that experienced the highest inflation and we also exclude the 20% of items that had the lowest inflation (deflation), this would be a way of calculating the ___.

Howard Marks argued that a good part of the reason why high yield bonds can outperform Treasuries even when spreads are tight is ___.

Imagine you expect the 10-year UST yield to drop from 4.3% to 1.0%. This should make you want to ___ gold.

Howard Marks suggested that the spread on a high-yield bond (above the UST bond) should equal the chance of default multiplied by the average loss in the event of a default. Sandy argued that this calculation would result in a spread that was too ___.