Howard Marks (Trades, Portfolio), chairman of Oaktree Capital, on Wednesday published another memo in response to questions about his previous memo from last week.
The latest, "What Does the Market Know?", came after the No. 1 question Marks received during a Bloomberg interview was regarding how worried he was about the market. This memo discusses Ben Graham's concept of the market as a short-term voting machine and long-term weighing machine, the crash of 2008, and how value, psychology and the media play out in falling markets.
