Latest Missive from Howard Marks - Ditto

Howard Marks the founder of Oaktree Capital Management is out with his latest letter. In the letter he discusses how people are aware of a number of the risks that are currently present in the market but due to the ZIRP they are being forced to participate in more speculaitve markets in order to get increasingly diminishing returns. He goes on to say this is clearly a time for caution. He goes on to make a play of the famous adage, "what the wise man does in the beginning, the fool does in the end.” The wise man invested aggressively in late 2008 and early 2009. I believe only the fool is doing so now. He advices investors to use caution and pick investmetns wisely always being mindful of risk. Enjoy. Howard Marks