Howard Marks
Co-founder and co-chairman of Oaktree Capital Management; author of the Oaktree memos.
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What they believeKorents 3 beliefs — each backed by an exact quote.
Compiled by korents.com, not by them: the one-line wordings are korents', the quotes are theirs.
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Value investing should mean buying whatever offers the better value proposition on all factors, not buying one side of the value/growth divide.
Rather than being defined as one side of this artificial dichotomy, value investing should instead consist of buying whatever represents a better value proposition, taking all factors into account.
Something of Value (memo to Oaktree clients) Said 11 Jan 2021
The value-versus-growth distinction does not serve investors well in a fast-changing world.
My extensive discussions with Andrew led me to conclude that the focus on value versus growth doesn’t serve investors well in the fast-changing world in which we live.
Something of Value (memo to Oaktree clients) Said 11 Jan 2021
Readily measurable indicators of cheapness are no longer sufficient on their own to produce a sustainable investing edge.
Not only are the traditional staples of classic value investing (readily discernable quantitative measures of cheapness in the here-and-now) no longer likely to produce a sustainable edge on their own, but the world has gotten more complex, with many more dynamics that can drive a decoupling of near-term metrics from valuation, both to the positive and negative.
Something of Value (memo to Oaktree clients) Said 11 Jan 2021
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- Readily measurable indicators of cheapness are no longer sufficient on their own to produce a sustainable investing edge. 11 Jan 2021
- The value-versus-growth distinction does not serve investors well in a fast-changing world. 11 Jan 2021
- Value investing should mean buying whatever offers the better value proposition on all factors, not buying one side of the value/growth divide. 11 Jan 2021