Howard Marks — Investing in Uncertain Times

Howard Marks (no, not the Gan­ga smug­gler) of Oak­tree Cap­i­tal has writ­ten some inter­est­ing (and haunt­ing­ly famil­iar) thoughts about invest­ing in uncer­tain times. The note are from the uni­ver­si­ty of oxford pri­vate equi­ty insti­tute pri­vate equi­ty forum 2013 on March 5.

There are some inter­est­ing ideas here about the macro set­ting of your strat­e­gy mov­ing for­ward from here. I think it would prove a use­ful exer­cise to review the points and check your own per­son­al answers. For exam­ple — Set­ting your strat­e­gy:

Do you expect pros­per­i­ty?

  • Yes -> lever­age, equi­ties, growth
  • No -> debt, val­ue, less lever­age

Which are you more con­cerned about los­ing?

  • Cap­i­tal
  • Oppor­tu­ni­ties

About you and your strat­e­gy:

  • Aggres­sive and risk bear­ing?
  • Cau­tion, con­ser­v­a­tive, risk con­trol

See the full pre­sen­ta­tion here (PDF for­mat): Howard Marks — Invest­ing in Uncer­tain Times

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