Howard Marks Latest Missive - The outlook for Equities

Howard Marks of Oaktree Capital Management is out with his latest memo to clients entitled, "The Outlook for Equities". He was recently profiled in Barron's where they called him the Guru to the Stars (mainly citing that many money managers read his memos with great interest - Buffett, Klarman, Greenblatt, Davis, etc.). In this memo he lays out the popular arugment of in relation to debt equities don't look that bad (especially when comparing earnings yields to yield on fixed income). He then gives some data on mutual fund flows and allocations to equities overall. Basically he thinks we are midway through a bull market in equities (as opposed the later innings on the fixed income market). Enjoy.

Howard Marks the Outlook for Equities March 13th 2013 memo