Don’t know what to do today?

Stop everything and just read this latest memo from Howard Marks

The basic proposition is simple: Investors make the most and the safest money when they do things other people don’t want to do.  But when investors are unworried and glad to make risky investments (or worried but investing anyway, because the low-risk alternatives are unappealing), asset prices will be high, risk premiums will be low, and markets will be risky.  That’s what happens when there’s too much money and too little fear.

Source: Oaktree Capital