This memo is the latest one written by Howard Marks who is an American investor and writer. Marks is the co-founder and co-chairman of Oaktree Captial Management. This memo is of great value for all investors. The first section is as follows:
As I’m now in my fourth decade of memo writing, I’m sometimes tempted to conclude I should quit, because I’ve covered all the relevant topics. Then a new idea for a memo pops up, delivering a pleasant surprise. My Ja...