The investors who find themselves obsessing with the current highs of the markets should carefully read and understand the following memo published recently by famed investment manager, Howard Marks, on his firm Oak Tree Capital’s website. It states, “When the markets are at extreme highs or lows, the essential requirement for achieving a superior view of their future performance lies in understanding what’s responsible for the current conditions. Everyone can study economics, finance and accounting and learn how the markets are supposed to work.
