Friday, December 19, 2014

Howard Marks Memo: The Lessons of Oil

Link to memo: The Lessons of Oil
I want to provide a memo on this topic before I – and hopefully many of my readers – head out for year-end holidays. I’ll be writing not with regard to the right price for oil – about which I certainly have no unique insight – but rather, as indicated by the title, about what we can learn from recent experience.