As you are aware, my writings have really focused on our concerns for the overall markets due to elevated valuations and our strategy of focusing on special situations and deeply undervalued securities to maximize risk-adjusted returns.
I’ve always found Oaktree’s Howard Marks to be one of the most intellectually thorough investors. His latest memo articulates his thoughts, which coincide with my thoughts, much better than I can do. It is an extremely long but worthwhile memo and I believe if you read it you will be much better off having done so.
Thank you very much and if I can assist you with anything, please don’t hesitate to contact me!