As we sit in year-7 of a historic bull market, with earnings likely to decline for the 3rd consecutive quarter, the lack of a margin of safety in most stocks, bonds, and real estate is becoming painfully obvious. The Federal Reserve’s record-low interest rate policies have driven all asset classes higher, to levels where the...Read More

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...Read More