Money and Finance
- The Advantage Of Objectivity...
From Howard Marks in his memo "On the Couch": One of the most significant factors keeping investors from reaching appropriate conclusions is their tendency to assess the world with emotionalism rather than objectivity. Their failings take two primary...
- Howard Marks Memo: On The Couch
Link to Memo: On the Couch I woke up early on Saturday, December 12 – the morning after a day of significant declines in stocks, credit and crude oil – with enough thoughts going through my mind to keep me from going back to sleep. Thus...
- Howard Marks On Bloomberg
Link to video: Howard Marks on Risk Assessment, Market Strategy Sept. 5 (Bloomberg) -- Howard Marks, chairman of Oaktree Capital Group LLC, talks about assessing market risk, volatility and sentiment. Marks speaks with Stephanie Ruhle and Erik Schatzker...
- Hussman Weekly Market Comment: Market Peaks Are A Process
Link to: Market Peaks are a ProcessIt’s fascinating how investors come to forget that markets move in cycles and not perpetual diagonal lines. As value investor Howard Marks wrote in The Most Important Thing, "Rule number one: most things will prove...
- Howard Marks Memo: Volatility + Leverage = Dynamite
One of my favorite adages concerns the six-foot-tall man who drowned crossing the stream that was five feet deep on average. It’s not enough to survive in the investment world on average; you have to survive every moment. The unusual turbulence of the...
Money and Finance
Howard Marks Memo: What’s Behind the Downturn?
In May, I observed in “How Quickly They Forget” that investors had returned to pro-risk behavior despite the lingering presence of significant macro worries. And then just three months later, a number of exogenous events caused the markets to undergo a significant decline and one of the greatest paroxysms of volatility ever seen. All of the reasons existed well before. Investors simply hadn’t taken them to heart.
I never cease to marvel, and complain, about the way investors flip-flop – focusing on just the positives at one moment and just the negatives at another – and the speed at which they do it. But I learned long ago not to be surprised by this phenomenon or expect it to stop occurring, but instead to look past the market’s behavior and assess the underlying realities. Thus I decided to take the occasion of my summer vacation to write a memo parsing the recent events and touching on the outlook.
- The Advantage Of Objectivity...
From Howard Marks in his memo "On the Couch": One of the most significant factors keeping investors from reaching appropriate conclusions is their tendency to assess the world with emotionalism rather than objectivity. Their failings take two primary...
- Howard Marks Memo: On The Couch
Link to Memo: On the Couch I woke up early on Saturday, December 12 – the morning after a day of significant declines in stocks, credit and crude oil – with enough thoughts going through my mind to keep me from going back to sleep. Thus...
- Howard Marks On Bloomberg
Link to video: Howard Marks on Risk Assessment, Market Strategy Sept. 5 (Bloomberg) -- Howard Marks, chairman of Oaktree Capital Group LLC, talks about assessing market risk, volatility and sentiment. Marks speaks with Stephanie Ruhle and Erik Schatzker...
- Hussman Weekly Market Comment: Market Peaks Are A Process
Link to: Market Peaks are a ProcessIt’s fascinating how investors come to forget that markets move in cycles and not perpetual diagonal lines. As value investor Howard Marks wrote in The Most Important Thing, "Rule number one: most things will prove...
- Howard Marks Memo: Volatility + Leverage = Dynamite
One of my favorite adages concerns the six-foot-tall man who drowned crossing the stream that was five feet deep on average. It’s not enough to survive in the investment world on average; you have to survive every moment. The unusual turbulence of the...