Howard Marks on Risk, Revisited

Howard Marks just sent out a memo to clients on the subject of risk. It coincided with rumours that Oak Tree Capital wants raise billions for a new distressed-debt fund.
It seems to me that the contents of the memo should be familiar material, and if not, here it is. You can also download a copy directly from Oaktree. (Nothing displayed below?)
[pdf width=”100%” height=”1100px”][/pdf]