Howard Marks is one of the smartest guys in the investment business, and I really appreciate his balanced approach of weighing facts and figures.  In the below memo, he addresses the many macro-concerns and there possible impacts on investments, and contrasts that with the positives such as the extreme level of pessimism that exists.  The fact that so many people are bearish is attractive for deep value investors, but one would be ignorant not to consider the many challenges that do indeed prevail in the current environment.

http://www.oaktreecapital.com/MemoTree/On%20Uncertain%20Ground%2009_11_12.pdf

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