Dan Lewin, a friend and former colleague, sent me an interesting piece last week.  It is a letter to clients from Howard Marks, the Chairman of Oaktree Capital Management, a U.S. asset manager. 

It is all good, but I particularly liked his opening theme about short termism. 

I should note that Dan has started his own firm, Lewin Capital Management, and will be managing portfolios for individual clients from his office in Vancouver.