Jonathan Ferro

The Federal Reserve Governor there, Stephen Myron.

I'm very pleased to say that joining us on this programme, Howard Mark joins us for more.

Howard, welcome to the programme, sir.

I want to start, we want to start, with a central question that you pose yourself.

Why are asset prices so strong in the face of what you view as net negative developments?

Howard, can you share your thoughts with us?

Howard, there's a quote you use in this memo.

I enjoyed this quote.

You said, he who knows only his side, his own side of the case, knows little of that.

And then I worked through the rest of the memo and there was a conclusion there about credit.

And I just wonder, sir, whether your focus on equities in this note offers you a greater perspective on how much value is offered in credit right now.

Howard, wonderful to get your thoughts.

As always, sir, you've been generous with your time.

We appreciate it.

Thank you very much.

The legendary Howard Marks there of O3 Capital Management following the release of his latest memo in the last week or so.