I am a huge fan of Howard Marks, founder of Oaktree Capital. He’s been penning with memos over the last three decades and they are always a great read.

His latest memo is titled “There They Go Again… Again” — a memo heeding caution for investors. It’s probably worth mentioning that he’s much more US centric which explains his viewpoint.

Reading through it, I could not help but think about the recent boom and bust in the oil and gas sector in Singapore. There are still plenty of lessons to learn from the entire cycle – and its worth reflecting on so investors can be better prepared for the next crisis.

Best,
Tay Jun Hao

“Observation over many years has taught us that the chief losses to investors come from the purchase of low-quality securities at times of good business conditions. The purchasers view the good current earnings …