Thursday, January 16, 2014

Latest Howard Marks Letter

The January 2014 memo ("Getting Lucky") is very interesting - along the lines of what we've even seeing from Bill Gross the past couple years.

I believe he's coming to terms with the fact that the market performance experienced during his career was sheer luck that isn't going to be repeated.

Marks is unusually thoughtful for an asset manager. Thus, he is the leading edge of this realization.

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