Amid characteristically dour (some might even say "alarmist") comments from the likes of Nouriel Roubini (who on Wednesday suggested New York may soon witness "mass looting" and "food riots") and Jeff Gundlach (who is concerned about "mile long lines at Costco"), it's always refreshing to hear from the handful of folks you can count on to, at the least, adopt a thoughtful, pensive tone.
One of those folks is Howard Marks, who, while striking a cautious chord in his latest memo, doesn't fret too much about overtly dour outcomes like rampant pestilence and the possibility that large swaths of the populace will go Jack Torrance-style mad after being housebound for two months under virus protocol.
Oh, wait, actually he does.
"Social isolation, disease and death, economic contraction, enormous reliance on government action, and uncertainty about the long-term effects are all with us", Marks says, towards the end of his latest missive, which closes with two words: "Stay safe!"
So much for consoling everybody.
Marks has a section dedicated to the "positive case", but I'm going to confine my summary and analysis to "the negative case" portion of his memo, not because I'm trying to spr
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