Oaktree

Those that have made high returns by overpaying for higher-risk/lower-quality credit have been lucky and credit conditions are unlikely to be so easy in the future, writes Michael Block. Now is the time to take a very thorough look at one’s credit exposures.

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.

Today’s investors are “riding for a fall”, according to Oaktree Capital founder Howard Marks. Markets could well be in for a repeat of the Nifty Fifty. When Howard Marks was just starting his career in finance in 1969, the preceding 20 years had been “a “mostly unchanging backdrop… in front of which events and cycles…