Howard Marks’s latest memo explores recurring investment themes to contextualize the current market correction and the bull market that preceded it. He discusses the role played by financial innovations like SPACs and cryptocurrencies and why he believes psychology, not fundamentals, primarily drives investment cycles – and likely always will. 

The memo is read by LJ Ganser.

You can read the memo here (https://www.oaktreecapital.com/docs/default-source/memos/bull-market-rhymes.pdf?sfvrsn=df8b4b66_9).