"What does it mean when investment bankers and money managers – who add relatively little to economic output – are among a society’s highest paid members?"

The founder and Chairman of Oaktree Capital also regularly writes letters to Oaktree clients outlining his views on markets and economies.

The letters read like Michael Lewis ghostwriting for Warren Buffett: insightful, direct, homespun, expert and sharply pointed. Their quality and insight have gained them a devoted readership among value investors, fund managers and smart aleck bankers who enjoy casting an erudite glow.

Read more: http://www.businessinsider.com/the-best-of-the-last-5-years-of-howard-marks-letters-2011-12