And so it is that time of the month where Howard Marks latest memo is going to make the round throughout the investing world.

In the latest 13 pager he continues to talk about his viewpoints of where the market and he dissects the arguments of This Time It’s Different which are being applied to multiple aspects of the US economy (and partly to the world)

Here’s a snippet a link to the rest

“The strength of my kids is that they are too young to remember anything bad, and they are making so much much they feel invincible,” said the Great Winfield. “Now you know and I know that one day the orchestra will stop playing and the wind will rattle through the broken window panes…”

Enjoy!

Source: Oaktree Capital