Oaktree Capital Management's Howard Marks made waves in July with a memo arguing that excessive risk-taking had formed an unholy union with sky-high asset prices. Now he's written a follow-up, which largely is designed to rebut criticism of the original. Included is his response to those who argued that investors shouldn't cut back on exposure until a few big down days in the market:
Fear of missing out has taken over from value discipline, a development that is a sure sign of a bull market.