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Friday, March 27, 2009
Deep Thoughts From Howard Marks: March Edition
The man behind the Oak demonstrates that even despite his sage investor advice, he is also mortal.
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4 comments:
Wasn't he pounding the table against leverage a year ago?does anyone practice what they preach? is zero hedge just covertly a long putnam disguised as an objective thinker. I demand answers!! HAS THE WHOLE WORLD GONE CRAZY??
Another fascinating post. The point about leverage is key. The view of the Calling Run after Lehman from the inside is also interesting.
Don the libertarian Democrat
Oaktree had no idea how to run a hedge fund, but pretended to their clients they did, based on their long experience in running long only high yield money. They sold their clients a bill of goods that they had no ability to deliver on. I guess the greed of gathering assets as a public company overcame the hesitancy of venturing into areas they knew close to nothing about. They didn't even understand how to do term lending with their prime brokers. They had a chance to actually hire some people with experience, but thought they were too expensive so they let people with no experience take a flyer with clients money. Maybe Howard can get another private jet with the fees and clients will be happy with that nice apology letter...I believe Howard was actually from the same neighborhood as Bernie Madoff, not sure if there was a connection.
Would be grateful if anyone can point me to recent comments made by, ideally, value investors that have spoken to the fact that ignoring the macro factors was a mistake.
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