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Economic Seasons and the Rules That (Typically) Govern Them – How to Think About Risk Late in the Cycle

Howard Marks is the former CIO of Trust Company of the West and founder of Oaktree Capital Management. Over his 50 year career he has penned “open letters” to investors that mend economic theory to economic cycles and investment trends. His latest missive does a great job of linking economic laws to the current market cycle and the debate over growth versus value investing.

Howard Marks: This Time It’s Different

The opinions expressed in the attached article are those of the author, and do not purport to reflect the opinions or views of CPWM, LLC, its affiliates, or any of their respective employees. Full disclaimer found here.

Source: Oaktree Capital