Howard Marks says investors must ignore manic depressive markets and focus on the bigger picture. Rates will be higher for longer and that will bring pain – and opportunity.
is sketching a graph that shows how equity market valuations oscillate between very rich and very poor, as investors swing from euphoria to despair.
“The world is an uncertain place. One more piece of data is not going to make you smarter. Attaching importance to one report is really just a mistake. So, while Marks says the global equity market rally is evidence that “the optimists have won the tug of war over the last couple of years”, he believes there will be a level of distress that an opportunistic investor such as Oaktree can take advantage of.
“Einstein is famous for having said that the definition of insanity is doing the same thing over and over and expecting a different result,” Marks says.
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