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29 May 2022
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Howard Marks writes a regular letter to his clients, but he realised he had not addressed the selling decision. We hear about people who claim they picked a market top but when do they reinvest to enjoy the upside?
Borrowers can relax for a while longer as Reserve Bank Governor Philip Lowe signals he will wait for firm evidence of inflation and wage rises before raising cash rates, but the market is way ahead of him.
Howard Marks updates his views on markets and whether we are in a bubble, but his comments on fund managers in public markets, liquidity premiums in private markets and the role of SPACs were most original.
Dr Rodney Brown's article last week on taxing the rich and inequality led to a lively discussion. As a follow up, we republish Oaktree's Howard Marks on the popular 'beer' example to explain the tax system.
Global markets are more uncertain today than at any other time in our lives. Nobody knows the future but we must make decisions about it. A solid dose of intellectual humility is essential.
Howard Marks is the largest investor in the world in distressed securities. What does he think after checking the virus positives and negatives, and how much has he changed his mind in only a few days?
Howard Marks distills a lifetime of investing into his new book, and perhaps as a sign that he has really mastered the market cycle, he has just sold a majority stake in Oaktree to Brookfield.
In his latest memo to clients, Oaktree's Howard Marks quotes the popular 'beer' example to explain the tax system, and we reproduce it here.
Howard Marks' memos to his clients are always worth reading, and when a highly successful manager acknowledges the strengths of index investing, it's worth checking what he says.
Howard Marks explains that he has never told investors 'it's time to get out', and while he does not see bubble conditions, future returns are likely to be subdued based on current high prices.
Howard Marks issues a regular memo to his clients, and the latest shares his concerns about high market valuations and tech companies priced for perfection. He accepts 'looking like an old fogey'.
The memo from Howard Marks titled 'Expert Opinion' explains how forecasting is more art than science, and we give too much weight to many expert opinions which are little more than a 50-50 guess.
Every successful fund manager suffers periods of underperformance, and investors who jump from fund to fund chasing results are likely to do badly. Selecting a manager is a long-term decision but what else?
In almost 1,000 responses, our readers differ in voting intentions versus polling of the general population, but they have little doubt who will win and there is widespread disappointment with our politics.
At around 10.30pm on Saturday night, Scott Morrison called Anthony Albanese to concede defeat in the 2022 election. As voting continued the next day, it became likely that Labor would reach the magic number of 76 seats to form a majority government.
Believe it or not, betting agencies are in the business of making money, not predicting outcomes. Is there anything we can learn from the current odds on the election results?
The Transfer Balance Cap limits the tax concessions available in super pension funds, removing the need for large, compulsory drawdowns. Plus there are no requirements to draw money out of an accumulation fund.
The resolve of many investors to focus on the long term with their share portfolios is increasingly tested as the list of negatives lengthens. There is a lack of visionary policies during an election campaign and stimulatory spending is contradicting the aims of tighter monetary policy.