Howard Marks released another must read memo to his clients and made an appearance on bloomberg. I’ll try to embed the Bloomberg video, but if it doesn’t work, here is the link.
Before I present his memo, I’d like to present one of my favorite Howard Marks quotes (which I think is applicable to the current time period):
“Good times teach only bad lessons: that investing is easy, that you know its secrets, and that you needn’t worry about risk. The most valuable lessons are learned in tough times.”
Scott Dauenhauer CFP, MPAS, AIF