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A memo from Howard Marks of Oaktree Capital. Attaching a link to the article appears to be prohibited (see Legal Disclosures at the bottom of the memo). Google 'Oaktree Capital' and click on the link for Howard Marks Memo's.
The simplest answer is (likely) legal; statements available to "the public" are governed by different rules than statements available to "qualified investors" or private clients. If, for example, GMO published their asset class projections for average investors, pages of disclosure would likely need to follow. So when I go to GMO's site, I need to certify that I'm a researcher, that I understand the account mininums are $5-25 million and that I still want to proceed.
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