korents

value investing

What people on korents have said about value investing, newest first — 2 positions from 1 person.

11 Jan 2021

Howard Marks archive
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)oaktreecapital.com
11 Jan 2021

Howard Marks archive
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)oaktreecapital.com