Howard Marks of Oaktree Capital is always a pleasure to read. He can make complex things simple for us. His latest commentary is out. Here is how he concluded the letter(emphasis his): Today some assets are fairly priced and others are high, but there are no bargains like those of 2008. Capital and nerve can’t hold the answers in such an environment. We’re no longer in a high-return, low-risk market, especially in light of the inability to know how today’s many macro uncertainties will be resolved. Instead of capital and nerve, then, the indispensable elements are now risk control, selectivity, discernment, discipline and patience
Read the full text:
Howard_Marks_Open and Shut 12-01-10
Read the full text:
Howard_Marks_Open and Shut 12-01-10
