Introduction

This is the memo by howard marks coming into focus. It's mainly been time for thinking. Fortunately, the more i've thought about the issues, the more things have come into focus for me. Thus i'm going to use this memo to go into greater detail on a few topics. The economy and the markets went down and now the recovering? Isn't that a cycle? What i really mean is that this is very different from a normal cycle. And i've figured out a way to better explain that.