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Howard Marks on ETFs

Extracts from Howard Marks' July 2017 investor letter, Oaktree Capital Management

Following on from Boom Bubble Bust: Part II - The ETF Mania we are pleased to see that we’re not the only ones worrying about the dangers.

In a detailed note from Howard Marks, CFA (co-chairman of Oaktree Capital Management) we picked out some of his thoughts on exchange traded funds (ETFs). We would certainly recommend reading his note “There They Go Again…Again”. He kindly gave us permission to re-produce this here. Enjoy.

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