Buffett once said: “When I see memos from Howard Marks in my mail, they’re the first thing I open and read. I always learn something.” What can we learn from latest memo from him ( you may read the full memo here ).
In his latest memo , he touched on the topic of “market volatility” and “Pro-Risk behavior” . According to him , although most of the valuations seems pointing to high and overvalue scenario in major stock markets but the “unacceptability of low returns on cash & Treasuries / Bonds couple with the attitude of “ FOMO “ , continue to push the market indexes to higher high. Every week, we could hear or see the news of market reaching new record high , again and again.
Rising tide lifts all the boats, everyone seems happy with their portfolio’s performance (including me .. ???? ). This “feel good