Howard Marks Memo: Nobody Knows II

Link to Memo: Nobody Knows II

I wrote most of this memo over this past weekend, on the heels of the tumultuous seven-day correction.  But I couldn’t get it out on Monday, and that day the S&P 500 rallied by 4.5%, or 135 points, for the biggest point gain in its history.  I just can’t update it daily to take into account every rise or fall (or rate cut).  And my real goal – as usual – is to suggest how to think about developments, not to say “buy” or “sell.”  So please read this memo as of Sunday afternoon – whatever the markets have done since – and let me show how I assess the recent events.