In his latest memo, Howard Marks discusses five market calls he’s made during his career. He argues that investors seeking to take the temperature of the market should focus on understanding prevailing market psychology and the nature of cycles. Just as importantly, they should learn to control their own emotions and have the humility to know when not to make a call.

The memo is read by LJ Ganser.

You can read the memo here (https://www.oaktreecapital.com/docs/default-source/memos/taking-the-temperature.pdf?sfvrsn=93bb5366_6).