market folly

Continuing our notes from the London Value Investor Conference 2013, the next speaker is distressed investor Howard Marks of Oaktree Capital.  He shared an outlook similar to what he's been writing.  However, he did highlight where a lot of his portfolio has been allocated.

Marks is the author of one of the best  investment books ever written, “The Most Important Thing". The book has recently been reissued  as “The Most Important Thing Illuminated” with commentary by Seth Klarman, Joel Greenblatt, Christopher Davis and Paul Johnson, making the already outstanding volume even better.

Marks has  done a lot of interviews and presentations recently. For those who have seen these and avidly read  his regular memos there honestly was not a lot new in the London presentation.  If you missed those, one of his last memos touched on how he thought equities were in stage 2 of a bull market.

One fascinating thing Marks alluded to in the Q&A, though, was that he views single b as the sweet  spot in corporate bonds. He said “most bonds in my portfolio have been single b for years.”

We've also highlighted some of Oaktree's recent equity portfolio moves here.


Be sure to check out other investor presentations: notes from the 2013 London Value Investor Conference.