"The things that affect the investment world so profoundly are the things that were not foreseen. If they could be foreseen ... anticipated and adjusted to and factored into prices, they wouldn't have that cataclysmic effect," said legendary investor Howard Marks of Oaktree Capital.
In 1987, I was drinking whisky in a Ginza bar with a senior trader from one of Japan's largest brokerages. He was celebrating. His firm's stock had just hit a new all-time high, trading at a valuation that made even the most optimistic analysts uncomfortable. I asked him what justified the premium. He swirled his
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I've owned a lot of assets in my career - currencies, commodities, emerging market equities, a working Texas oil well that produced exactly enough crude to annoy my accountant. What I've learned is that how you hold something matters nearly as much as what you hold. Ethereum (ETH-USD) investors who get this right will quietly
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In 1989, I watched Japanese banks, insurers, and manufacturers lock themselves into elaborate cross-shareholding arrangements called keiretsu. Each institution held the others' shares as a permanent signal of long-term alignment. Western analysts called it cronyism. I called it the most effective anti-panic mechanism ever built into an equity market. It kept Japanese institutions from dumping
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“The worst of loans are made in the best of times,” said legendary Investor Howard Markets of Oaktree Capital.
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