Completely different subject.
This is a memo from Howard Marks of Oaktree Capital. It’s free for all.
His memos are really good and I learn something from each one. The main section I appreciated in this one is where he gives the “bull case” for current valuations. I had not seen it spelled out this way before and it opened me up a little in my thinking on this topic. I don’t think he is saying that he necessarily agrees completely with the bull case, but he does say that it has some merits.