Howard Marks memo: Oaktree founder says it's time to stop playing defense
"Given these new conditions, I no longer feel defense should be favored," the Oaktree Capital founder said inSpecifically, he points notes that "the risks in the environment are recognized and largely understood." Also, he pointed out that potential returns are rising, specifically citing the typical yield for high-yield bonds rising from 3.5% to about 9%. Correspondingly, prices for risk assets have dropped as most investors head to the sidelines, presenting opportunity.
While he's not calling a market bottom now, he said waiting for sure signs of an end to the selling that took Wall Street into a bear market probably isn't prudent either. "The bottom line for me is I'm not at all troubled saying markets may well be considerably lower sometime in the coming months and we're buying today when we find good value," he wrote. "I don't find these statements inconsistent."
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