Hi everyone,This paper by Howard Marks of Oaktree Capital fits the MUE investment philosophy to a tee. Currently, he feels we're likely in the first half of the second stage (of three) of a bull market."No one should say the likelihood of improvement is entirely unrecognized today, as would have to be the case for this to still be stage one. I think the existence of improvement is generally accepted, but that acceptance is neither extremely widespread nor terribly overdone. Thus I’d say we’re somewhere in the first half of stage two. Pessimists no longer control market prices, but certainly neither have carefree optimists taken over."advisorperspectives.com/commentaries/oaktree_031513.phpCheers,Jim
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