“Dear David It was a pleasure to meet you on Friday evening at The Markets Now forum, and many thanks to you, Bruce and Iain for a very enjoyable and informative evening. I will most definitely be back. For me the highlight was the opportunity to chat with you at the bar afterwards, and I will be sure to share my impressions of the Japanese market and the possible 'inflection point' - watch this space ... I also mentioned the newsletter written by Howard Marks, the Chairman of Oaktree Capital, and in particular a note of his regarding lending behaviour at the Banks that he published in November of last year. I thoroughly advocate signing up to receive an e-mail notification when Howard puts pen to paper. Again, many thanks for a very enjoyable evening on Friday, for all you do and I shall endeavour to become a more active participant on the Fuller Treacy Money forum going forward!!”

David Fuller's view

Here is the Oaktree Capital newsletter.

It was a pleasure to meet you at The Markets Now and I also enjoyed the chat.  These sessions are an opportunity to share views and we can all gain perspective from that process.  Thanks for the Howard Marks paper which I have posted in the Subscriber’s Area.  He is old enough to know that there are far more questions than answers in this fascinating business. He is also a thinker rather than an exaggerator, who sees both the behavioural and numerical evidence of rising risks.  That ability helps one to run with the crowd without actually succumbing to its rationalisations.