Quote of the Day

From Oaktree’s Howard Marks, in his July letter:

“My greatest concern surrounds the fact that we’re in the middle of an unprecedented crisis, brought on by never-seen-before financial behavior, against which novel remedies are being attempted. And yet many people seem confident that a business-as-usual recovery lies ahead. They’re applying normal lag times and extrapolating normal decline/recovery relationships. The words of the late Amos Tversky aptly represent my view: “It’s frightening to think that you might not know something, but more frightening to think that, by and large, the world is run by people who have faith that they know exactly what’s going on.”


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