I've been following the latest letters from Howard Marks of Oaktree for some time now. It has been truly amazing given the amount of wisdom inputs I have received from this guy just by reading some of his letters. For those who has never read any of his letters previously, I would strongly recommend you to give it a try because I assure you will get something out of it. Nothing out of extraordinary if you don't read it but I think it'll help anyway, at least for me. Anyway, Howard has published his latest recent letters on the topics of Liquidity. I'll be sort of summarizing them below and providing some thoughts on it myself which hopefully will help you get interested in his past and future works. Debates on the Definition of Liquidity For a start, we begin by defining our understanding on Liquidity. If you ask your ......