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Latest thinking from Howard Marks at Oaktree Capital
"The bottom line of the above is that some people are excited about the fundamentals, and others are wary of asset prices. Both positions have merit, but as is often the case, the hard part is figuring out which one to weight more heavily."
As a fan of Marks for years, I’m surprised he doesn’t sound more pessimistic here. Isn’t there a old cliche about bull markets finally ending only when the last bear is left standing?
Marks deals mostly in distressed debt. He also doles out a lot of common “horse sense” investment wisdom. Very attuned to the idea of buying dirt cheap and selling when full potential has been achieved. Often quoted. Both the managers at Oakmark (annual report) and Bill Fleckenstein (subscription service) have referrrenced Marks in recent commentary.
Comments
Marks obviously doesn’t know Ted.
Marks deals mostly in distressed debt. He also doles out a lot of common “horse sense” investment wisdom. Very attuned to the idea of buying dirt cheap and selling when full potential has been achieved. Often quoted. Both the managers at Oakmark (annual report) and Bill Fleckenstein (subscription service) have referrrenced Marks in recent commentary.