4 Weekend Must Reads
Howard Marks Memo
Howard Marks is out with his latest investment memo: It's all a big mistake. He discusses the concept of zero-sum in investing, why the efficient market theory doesn't hold up in practice and why Oaktree's distressed funds have performed exceptionally well. If you haven't read some of his past memos yet, you should start doing so asap!
http://www.oaktreecapital.com/memo.aspx
Chinese government data and commodities trading
One of the biggest news this week was the steep declines in commodities pricing. The following NY Times piece provides some anecdotes on how the Chinese government manipulates its data and why that explains the drop in commodity pricing.
http://www.nytimes.com/2012/06/23/business/global/chinese-data-said-to-…
Jeremy Grantham warns against bullish bias
The co-founder and chief investment strategist of GMO LLC says investors should resist the Federal Reserve's efforts to encourage risky equity investing through monetary easing.
http://www.reuters.com/article/2012/06/22/us-investing-grantham-idUSBRE…
MF Global
Most of you probably heard of the MF Global bankruptcy at the end of 2011. The NY Times is out with a piece that explains why some customer funds couldn't be recovered and explains the loopholes that allowed MF Global to use customer money for its own proprietary trades.
http://www.nytimes.com/2012/06/23/business/mf-globals-billion-dollar-lo…
Interesting Memo by Howard Marks. Thanks for sharing
i second that. I'm glad that we've finally moved past the "Beenprepping" period.... So good to have serious posts on here once in a while.
I consider Howard Marks memos absolute must-reads. Since a lot of attention in the last week was paid to commodity prices, I can also recommend refreshing on Howard Mark's piece on gold, All that Glitters (i can't believe that was written in 2010; I felt like I just read it yesterday): http://www.oaktreecapital.com/MemoTree/All%20That%20Glitters%2012_17_10…
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