Art Cashin On (Warren Buffet's) "Handcuff Volunteer-ism"

We already posted Howard Marks' most recent letter in its entirety previously, but it bears reposting a section from Art Cashin's daily letter which focuses on one segment of Marks' thoughts, which is especially relevant in light of today's most recent comment from one Warren Buffett - a person who very directly benefited from the government/Fed's bailout of the banking sector in 2008 - who said that "Bank Risk No Longer Threatens U.S. Economy." The same banks, incidentally, who are TBerTFer than ever. An objective assessment or merely yet another example of the "handcuff volunteerism" (not to mention crony hubris) Marks touches on? Readers can decide on their own. From Art Cashin: Wisdom From A Sage – Howard Marks of Oaktree has another in his long and consistent series of wonderful client letters. This one has to do with things like risk, risk control and herd mentality. Here is a k...