Howard Marks, founder and co-chairman of $122 asset manager Oaktree Capital Management and author of many best selling books ( including the recent one “ Mastering The Market Cycle”) had just published his latest memo.

“And that brings us to the subject of negative interest rates.  I find them no less mysterious.  The fact that we know what they are – as we do with inflation and deflation – doesn’t alter the fact that we don’t know for sure why negative rates are prevalent today, how long they’ll continue in force, what might cause them to turn positive, what their consequences are, or whether they’ll reach the U.S.”

In this latest memo titled “Mysterious” , he starts with a discussion of many possible causes of inflation and implication of negative rate to our investment and financial institutions , he finds negative interest rates just as baffling and “mysterious”.

Marks touched on several reasons