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HOWARD MARKS: THE RALLY HAS OUTPACED THE FUNDAMENTALS

The legendary Howard Marks is increasingly skeptical of the rally in equities.  His latest memo to clients is a must read:

One thing is indisputable: the rally in financial markets worldwide has outpaced the fundamentals. At the beginning of 2009, most onlookers expected a generally weak economy and were concerned that the behavior of consumers and banks would remain conservative. They were 100% right, and fundamentals are still tenuous.  And yet, the rally has exceeded all expectations of which I’m aware.”

Read the piece in its entirety here.

Source: DealBook

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