| Dear Reader,  The subject line of this email is a quote from none other than Howard Marks, Co-Chairman of Oaktree Capital and author of must-read blockbuster Mastering the Market Cycle.
Howard thinks another major debt crisis is on the way. He should know. After all, Howard not only predicted the Global Financial Crisis but made it through intact while raising $10.9 billion, the largest distressed debt fund in history, to buy hugely profitable distressed assets. Bloomberg claims: "Oaktree's 17 distressed-debt funds have averaged annual gains of 19 percent after fees for the past 22 years—about 7 percentage points better than its peers tracked by Boston-based consulting firm Cambridge Associates LLC." Howard’s estimated net worth is over $1.91 billion. And one of his biggest fans is none other than Warren Buffet. Here’s what Howard has to say about market cycles and why they’re so important: Invariably, investors who disregard where they stand in cycles are bound to suffer serious consequences. And about what’s coming: Today’s financial market conditions are easily summed up: There’s a global glut of liquidity, minimal interest in traditional investments, little apparent concern about risk, and skimpy prospective returns everywhere. Thus, as the price for accessing returns that are potentially adequate (but lower than those promised in the past), investors are readily accepting significant risk in the form of heightened leverage, untested derivatives and weak deal structures. The current cycle isn’t unusual in its form, only its extent. There’s little mystery about the ultimate outcome, in my opinion. So, what will Howard Marks do as that crisis hits? I hope you’ll join me at SIC and find out. At SIC 2019 this coming May, Howard will be talking about his investment strategy and economic insights, debt and credit crises in particular, and how he’s planning to profit from this one. There’s nothing more ominous than a debt crisis. It’s why our debt panel is central to the entire SIC. And that’s why you really don’t want to miss it. Save your SIC 2019 seat right now and save $1,000 with Priority pricing. You’re sure to learn a lot by attending. After all, Howard himself writes in his 2018 best-seller “Mastering the Market Cycle”: "Exchanging ideas with fellow investors can be an invaluable source of growth. Given the non-scientific nature of investing, there’s no such thing as being finished with your learning, and no individual has a monopoly on insight. Investing can be solitary, but I think those who practice it in solitude are missing a lot, both intellectually and interpersonally." SIC 2019 will be our best ever SIC and your perfect opportunity for “an invaluable source of growth”. Don’t procrastinate. Howard’s one of the big reasons why I expect SIC 2019 to sell out quickly -- especially on the strength of the 25+ other speakers this year including the 43rd President of the United States, George W. Bush, Carmen Reinhart, George Friedman, Lacy Hunt, Felix Zulauf, Louis Gave, Mark Yusko, David Rosenberg, and many more. Register now and save $1,000 with Priority pricing before all seats are gone. Your preparing for what’s coming next analyst, 
John Mauldin
Chairman, Mauldin Economics
| 
