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Howard Marks hits back at market bulls

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:

QuoteFear of missing out has taken over from value discipline, a development that is a sure sign of a bull market.