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Billionaire Howard Marks, who’s warned of excessive risk in the markets for the past five years, is now sounding the alarm as hazards from red-hot tech stocks to investor confidence in SoftBank’s $100 billion fund converge.
In a 22-page memo Wednesday -- longer than most of his missives to clients -- the Oaktree Capital Group LLC co-chairman said he sees several phenomena that by themselves seem reasonable but together reveal markets to be heated and risky. Read more...