Howard Marks
Co-founder and co-chairman of Oaktree Capital Management; author of the Oaktree memos.
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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.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
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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)oaktreecapital.com
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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)oaktreecapital.com