With expected future rates of return on most investments at all-time lows and the dog days of summer approaching, we have little to offer as stimulating investment 'commentary'.  There are a few isolated credit stories that we are involved with but, generally, we are erring on the side of caution and preservation of capital.  Along these lines, we refer investors to Howard Marks' latest memo for a good summary of several of the themes we have been highlighting for two or three years:

Oaktree - Howard Marks memo, "There They Go Again....Again"

Interestingly, Marks limits one's ability to claim to be 'early but right' rather than just 'wrong' to six years.  We cannot imagine we do not experience the next 'Minsky moment' (stability leading to instability) at some point before the end of the decade.  However, the current bubble has already surpassed expectations for both size and duration.  Maybe this time it is different...but we doubt it!