This memo is the latest one written by Howard Marks who is an American investor and writer. Marks is the co-founder and co-chairman of Oaktree Captial Management. The memo is of great value for all investors. The last section is as follows:
Certainly there are times when it’s right to sell one asset in favor of another based on the idea of relative selection. But we mustn’t do this in a mechanical manner. If we did, at the logical extreme, we would put all of our ca...

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