Howard Marks distills a lifetime of investing into his new book, and perhaps as a sign that he has really mastered the market cycle, he has just sold a majority stake in Oaktree to Brookfield.
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Howard Marks’ memos to his clients are always worth reading, and when a highly successful manager acknowledges the strengths of index investing, it’s worth checking what he says.
Howard Marks explains that he has never told investors ‘it’s time to get out’, and while he does not see bubble conditions, future returns are likely to be subdued based on current high prices.
Howard Marks issues a regular memo to his clients, and the latest shares his concerns about high market valuations and tech companies priced for perfection. He accepts ‘looking like an old fogey’.
The memo from Howard Marks titled ‘Expert Opinion’ explains how forecasting is more art than science, and we give too much weight to many expert opinions which are little more than a 50-50 guess.
Howard Marks is best known in the global investment community for his ‘Oaktree Memos’ to clients which detail investment strategies and economic insights. Here are some extracts from his latest memo, Risk Revisited Again.
Howard Marks tells a New York conference that there’s no way to predict commodity prices, as we cannot know what will happen in the future.
World-renowned investor Howard Marks recently gave a confidential presentation on risk to selected institutional clients, and in this exclusive, Oaktree Capital has given permission for Cuffelinks to share the insights with its readers.
Cuffelinks will not publish its usual original content this week due to the public holidays, but two important articles are featured in Cuffelinks Newsletter Edition 59 (photo is Howard Marks of Oaktree).
Interview with Howard Marks, on the book discussed in Chris Cuffe’s article this week.
Risk means different things to different people, and there is a misallocation of resources, energy and intellect across the superannuation industry (and investment industry more broadly) to address risk.
* Howard Marks of Oaktree Capital has been posting his memos on his company’s website since 1990. Here are his Key Repeating Themes.