Howard Marks

Good investing requires real sacrifices, according to Oaktree’s Howard Marks, but you can’t expect to be compensated just for making them.

Howard Marks thinks that markets and the investors that ply them are going to experience massive change in the next decade. If his latest memo is right, credit instruments could come to represent the majority of portfolios.

With higher (for longer) interest rates prompting a “sea change” that’s transforming markets into a lender’s game, the legendary credit investor says it’s a good time for bargain hunters to benefit from selloffs as dislocations emerge in otherwise “reasonable” markets.

The meltdown of Silicon Valley Bank is “an early step” towards a more rational market environment, according to Howard Marks, but new problems might arise from bank exposure to commercial real estate.

Howard Marks doesn’t place much weight in macro forecasts, but has helpfully provided one of his own for the years to come. In his view, nearly everything that used to work won’t work now.

In his latest investment missive, Howard Marks pushes back on the controversy around private markets, saying valuations shouldn’t reflect the psychological swings that dominate public markets.

While passive investment strategies are now used to manage the majority of equities, the absence of active managers would only create a “mindless boom and bust.”

The last few months have several famed investors convinced that the bull market is dead and buried. But how it came to life in the first place bears examining.

Fifteen years ago, Thomas Friedman said that globalisation had finally made the world “flat” and that a golden age of prosperity was upon us. A month ago, that stopped being true. Love him or loathe him (and many lean towards the latter), Thomas Friedman occasionally hits the nail on the head. In his 2005 book…

Despite the popularity of that old adage, it’s never as simple as “buy low, sell high”. But if it’s not true, what are investors to do? “Everyone is familiar with the old saw that’s supposed to capture investing’s basic proposition: “buy low, sell high”,” writes Oaktree Capital founder Howard Marks in his latest memo, ‘Selling…