“At the risk of oversimplifying, I see a long list of macro risks on one side of the howard marks imagescale, and low valuations and joyless investors on the other. Prices are neither so high that we must be hyper-cautious nor so low as to call for aggressiveness. Thus I think it’s time to balance defense and offense, and to move forward, albeit with caution. That’s what we plan on doing in the coming months, while attempting to execute on my list of the things a manager can do for you.”

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