Shareholder Letters

You've all already heard about The Oracle of Omaha's famous shareholder letters (which can be found here), and how insightful they end up being.

Well here's a memo written by another guy, whom everyone should take a gander at. His name is Howard Marks, and he runs Oaktree, which manages about $50 billion. The WSJ has claimed that this is "[A] Memo All The Investment World Should Read." Why? Well he did pretty well for himself predicting the internet bubble back in 1999, a few months before it's peak, and about a year before it popped.

Does anyone want to make a guest post, summarizing the contents of the memo?