I loved, loved I tell you, the Oaktree Capital memo that Taylor Meyer (making his Kenny K debut) sent over to me last week. Within hours, I received it from Hegs and a couple other friends too. Who says we need newspapers. When people like Howard Marks, a incredibly successful investor, go on the record through their own memos, the investing world becomes a better place. The way financial scoops are usually broken is through hardcore investigative work by value oriented mutual or hedge funds like Oaktree, who then tip off a reporter, who then verifies the information.
My favorite clip:
Capitalism can produce great results, but participants have to be allowed to both win and lose. If they aren’t, they come to believe the only possible outcomes are winning or, at worst, breaking even. Good business decisions can be made only if the hope for gain is balanced by the fear of loss. The latter must not be eliminated. The system must be allowed to work. Of course, this has to be balanced against the desire to prevent catastrophes, necessitating some very difficult choices.
Anyhoo, this is a "must read". Please site down and read it. Marks took the time to write it, and the investing world only becomes a better place, if people like us read it.