one who thinks it's easy to achieve unusual profits is overlooking the way markets operate. This memo is largely about the challenges they present. O Oaktree Capital Management. L.P. All Rights Resented EFTA00302096 Second-Level Thinking I always thought that when I retired, I would write a book pulling together the ele

n of the term "business cycle": "The recurring and fluctuating levels of economic activity that an economy experiences over a long period of time." O Oaktree Capital Management. L.P. All Rights Reserved. EFTA00308225 As you can see, the common thread is the concept of a series of events that is repeated. Many people thi