Howard Marks is co-chairman and co-founder of Oaktree Capital and one of the world's top value investors. The memo he wrote to investors was widely circulated, Buffett said. 'the first thing I open my email every day is to see if there is a memo from Howard Max,' Mr. Buffett said.
The paralyzed global stock markets began to rebound one after another in mid-late October. The s & p 500 is up more than 10% since Oct. 13, and investment gurus are making a comeback.
Among the global bigwigs with a scale of more than $3.5 billion, there are two who have made money in the past year, among which Howard Max is far ahead with a yield of 26.71%.
Recently, the latest investment trend of Howard Max has surfaced.
The latest trend of the most powerful man in the world
Howard Marks, chairman of Oak Capital Management, has always favored less efficient markets, investing heavily in debt, preferred stocks and convertible bonds.This wave of profits is mainly due to its grip on energy stocks, and Oaktree Capital has significantly increased its exposure to energy stocks since the beginning of 2021.
According to Oaktree's quarterly report on 13F filed with the Securities and Exchange Commission (SEC), Oaktree's positions totaled $9.109 billion at the end of the third quarter, up from 8.608 billion in the third quarter.
What are the new moves of Howard Max in the third quarter of this year?
From the position point of view, Oaktree Capital in the third quarter of the new Brazilian digital payment company PagSeguro and other five stocks. Increase the holdings of energy equipment service providers Valeria, Vale SA ADR, Freeport and other 6 stocks.
Liquidate 66 stocks, including Hertz, the world's largest car rental company, real estate investment trust CBL Finance, and ultra-micro computers. Reduce his holdings of 25 stocks, including Petroleo Brasileiro SA Petrobras Petrobras.
Top 10 stocks of Oak Capital in the third quarter$Torm (TRMD.US)$、$Chesapeake Energy (CHK.US)$、$Vistra Energy (VST.US)$、$GARRETT MOTION INC SERIES A CUMULATIVE CONVERTIBLE PFD STK (GTXAP.US)$、$Star Bulk Carriers (SBLK.US)$、$PG&E Corp (PCG.US)$、$Runway Growth Finance (RWAY.US)$Waiting for the company.
(this article is a list of objective data and information and does not constitute any investment recommendations.)
The largest position is Torm, one of the largest product transportation companies in the world. Howard Marks has been dormant since 2019 and has held patiently all the way until now, with a surplus of more than three times. The second largest stock, Chesapeake Energy, is an American oil and gas producer. The third largest stock, Vistra, is a Texas power and energy company.
Howard Max is a recognized investment guru on Wall Street. Buffett is a loyal reader of his irregular investment memos since the 1990s.
Usually Howard Max is keen to share his latest ideas.
Howard Max: staying still is the right strategy.
The Nasdaq index fell after hitting 16212.23 in November and rebounded after hitting a new low of 10888.83 on October 12. What the market is most concerned about is where U. S. stocks are at the moment.
Howard Marks had a conversation with Sarah, a fund manager at SJP, a UK investment firm, about where US stocks had gone.
Howard points out that in his 53-year career, the market has entered a "moment of greed" only five times, but usually not in this trend, but in the middle. Howard made it clear that the current US stocks are in the middle of the cycle, securities prices are reasonable, and staying still is the right strategy.
Howard said frankly:
In the first half of 2021, many assets, such as technology stocks, green energy stocks and cryptocurrencies, were over-speculated. People like those assets, but now they don't seem to like anything. At present, there is no excessive speculation, the market is in a reasonable range. The market is no longer optimistic, but it has not reached a pessimistic moment.
The United States has experienced 17 recessions, two world wars, one Great Depression and several small wars, as well as a number of geopolitical conflicts. On average, the s & p 500 has earned an annualised return of more than 10% over the past 102 years. Therefore, in the face of the 'most uncertain' environment, rising and falling often occur, the economy will always usher in an upward trend, companies will always make a profit, and the market will always rise.
If you stick to long-term investments, you will benefit from these upward trends. Don't try to buy or sell and adjust your target frequently. Doing so will only complicate your portfolio.
The events of the next six or 12 months may not affect the next 10-30 years. You should focus on your work and family instead of worrying about whether there will be a recession in the next 12 months. It is a waste of your time.
Just in August this year, in an exclusive interview with the domestic media, Howard revealed three secrets of wanting to be an outstanding investor.
1. Long-term and patient. Most people are very short-term, they hold assets for a short time.
two。 Have reasonable expectations. Everyone thinks that after buying this stock, it can double or triple. If you can earn 10% a year in 20 years, 1 yuan will become 8 yuan through compound interest, which is a great achievement.
3. Either there is a reasonable and moderate investment, or the money is managed by a professional.
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