The Memo by Howard Marks

Investors are forced by the low interest rates to bear substantial risk at returns that have been bid down. Their scramble for return has brought elements of pre-crisis behavior very much back to life. In 2004, as just cited, I stated the following conclusion: There are times for aggressiveness; this is a time for caution. The wise man invested aggressively in late 2008 and early 2009 but only the fool is doing so now.