On January 2, 2000, Howard Marks published his first memo to garner any reader response, bubble.com (http://bubble.com/) , calling attention to excesses he detected in the market for tech and internet stocks. His newest memo revisits the subject of bubbles. Howard expresses his view that they’re more a state of mind than a quantitative calculation and describes bubble thinking as irrational, often underlaid by a widespread belief that ‘‘this time is different.’’ Rather than opining on whether we’re in a bubble, Howard lists the signs he sees today and suggests how you might think about them . . . just as he did 25 years ago.
You can read the memo here (https://www.oaktreecapital.com/insights/memo/on-bubble-watch) (https://www.oaktreecapital.com/insights/memo/on-bubble-watch).