Digital currencies have generated a lot of headlines this year. Here is a perspective from value investing sage Howard Marks. **JB**
Billionaire investor Marks, who called the dotcom bubble, says bitcoin is a ‘pyramid scheme’
Howard Marks, one of the most respected value investors out there, starkly warned his clients to avoid high-flying digital currencies.
"In my view, digital currencies are nothing but an unfounded fad (or perhaps even a pyramid scheme), based on a willingness to ascribe value to something that has little or none beyond what people will pay for it," Marks wrote in the investor letter Wednesday.