Howard Marks, the chairman of Oaktree Capital Management, has published his latest memo to clients of the firm. In the note, Marks writes that “this is a time for caution” and recommends clients move into lower-risk investments due to “lofty” market valuations. 

He also shared his view on digital currencies, saying they are “nothing but an unfounded fad (or perhaps even a pyramid scheme), based on a willingness to ascribe value to something that has little or none beyond what people will pay for it.”

You can read the letter here. It’s well worth your time, but don’t take it from me. Warren Buffett once said “when I see memos from Howard Marks in my mail, they’re the first thing I open and read.”