Before reading further, ask yourself: are you happy?
Each individual can each find a way to be happy. Collectively, and in the case below, for various nations, the prospects are dire.
Howard Marks, chairman of Oaktree Capital, has about $76B assets under management. He discusses the prospects for the United States, PIIGs, and Greece. In his latest memo, Marks expresses concern about austerity measures. For some nations, devaluation of its currency is required.
Its Greek to Me
Marks' Bottom line: anyone who invests today in a pro-risk fashion out of belief in the recovery must be confident he’ll be agile enough to take profits before the long-term realities set in.
Marks doubts his concerns are unfounded, but could not imagine silence would be preferable.
Who can disagree to that? Succeeding in the market requires being right and having a non-consensus view. Keeping silent on concerns enables ones concerns to be discussed and more likely to be addressed, collectively and for individual investors.