Rounding up top reads from around the web, including articles shared by fellow investors in the Financial Horse Facebook Group. Latest memo from Howard Marks: Coming into Focus (Howard Marks)

In my view, the low interest rates represent the dominant characteristic of the current financial environment, creating the dominant consideration for investors: the lowest prospective returns in history (for the reasons described on pages 4-6). Thus I’ve dusted off a presentation I’ve been giving in recent years called “Investing in a Low-Return World.” At its end, after laying out much of the above, I conclude by enumerating the strategic alternatives for investors:

Invest as you always have and expect your historic returns. Actually, this one’s a red herring. The things you used to own are now priced to provide much lower returns.

Invest as you always have and settle for today’s low returns. This one’s realistic, although not