Howard Marks is one of my favorite investment luminaries. I’ve read his book, “The Most Important Thing” twice and listened to the audio-book version more than once as well. Below you’ll find links to his talk at Google and his most recent memo on liquidity. The memo on liquidity is especially interesting because it is probably one of the most neglected topics when it comes to the writings of investment gurus. I’ve thought for sometime that liquidity was largely a relative concept and Mr. Mark’s bares this out in his letter while offering some insights I had not fully considered.
Liquidity Memo <LINK>FULL POST