korents

Readily measurable indicators of cheapness are no longer sufficient on their own to produce a sustainable investing edge.

open-ended posted by Howard Marks · 11 Jan 2021

value investing

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  1. 11 Jan 2021

    Howard Marks quoted

    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)oaktreecapital.com