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Marks frets banks, real estate after SVB collapse

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.

Lachlan Maddock | 21st Apr 2023 | More
‘A kind of hitchhiker’: passive a parasite on active

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.”

Lachlan Maddock | 6th Jul 2022 | More
‘The new, new thing’:  Marks’ autopsy of the bull market

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.

Lachlan Maddock | 1st Jun 2022 | More
  • It’s the end of the world (as we know it)

    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…

    Lachlan Maddock | 25th Mar 2022 | More
    Howard Marks on knowing when to hold ’em

    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…

    Lachlan Maddock | 21st Jan 2022 | More
    You can’t teach an old manager new tricks: Hyperion

    Active manages have failed to heed changing times – and changing markets. But while Hyperion doesn’t do “concept stocks”, it’s got its eyes on plenty of disruptors. The great elephant in the room for active managers has been their inability to outperform the index long-term. Around 93.4 per cent of international equity managers and 86.3…

    Lachlan Maddock | 26th Nov 2021 | More
  • Howard Marks on value/growth: forget the terms

    Howard Marks, one of the investment world’s more celebrated investors, has added his voice to other celebrated investors in decrying continued use of the terms ‘value’ and ‘growth’. The co-founder and co-chair of Oaktree Capital Management, Los Angeles-based, predominantly fixed income and credit strategies, firm addressed the opening session of the CFA Societies Australia conference,…

    Greg Bright | 15th Oct 2021 | More
    General partners adapt to private equity’s ‘mid-life crisis’

    The next iteration for the private equity sector, long-time best performer among alternatives, is for general partners to combine the operations of their portfolio companies to boost flagging returns. Karim Khairallah, a senior managing director and co-portfolio manager at Oaktree Capital in London, and François Mann Quirici, a founding partner at Nexus Associates, also in London,…

    Greg Bright | 18th Jun 2021 | More