1ST QUARTER 2016 MARKET UPDATE:
WINTER IS HERE (BUT SPRING ALWAYS FOLLOWS)
“In the real world, things generally fluctuate between ‘pretty good’ and ‘not so hot.’ But in the world of investing, perception often swings from ‘flawless’ to ‘hopeless.’ The pendulum careens from one extreme to the other, spending almost no time at the ‘happy medium’ and rather little time in the range of reasonableness. The market is manic depressive. It swings from seeing only positives to seeing only negatives and from interpreting everything positively to interpreting everything negatively.” — Howard Marks, Chairman, Oaktree Capital.