Jason Stipp: I'm Jason Stipp for Morningstar. Howard Marks is the chairman of Oaktree Capital and the author of some of the most enlightening shareholder letters you're likely to read. He is also a keen observer of the market and its many personalities. He is calling in today to give us a sense of where the market is today and the mood of investors today. Thanks for calling in Howard.

Howard Marks: It's my pleasure.