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?
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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