5th
This is a great memo that the Chairman of Oak Tree Capital, Howard Marks, wrote about the recent financial meltdown. Tony Wesley the CFO of PhoneTag sent it to me, thanks for the heads up on this one.
It is pretty long but worth the read. The best part is when Howard talks about that if the CEO of Citigroup had thought about the long term positioning of the banks and had not gotten into the sub-prime craziness that instead of losing his job in 2007 he would have been fired in 2005 for underperforming.
Short term thinking and jumping on bubbles really is dangerous. Those that did not get caught up in the financial craziness of the last few years are now picking up assets for pennies on the dollars from over leveraged banks. The long term thinkers are now at the short term thinkers all you can eat buffet.
