M* had more details citing MarketWatch (owned by News Corp/NWS, parent of Barron's, WSJ, DJ & Co, etc), https://www.morningstar.com/news/marketwatch/20220628116/oaktrees-howard-marks-is-finding-bargains-i-am-starting-to-behave-aggressively-he-says
Original/MarketWatch https://www.marketwatch.com/story/oaktrees-howard-marks-is-finding-bargains-i-am-starting-to-behave-aggressively-he-says-11656414153
"That brings us to our call of the day from a well known voice on Wall Street, Oaktree Capital's founder Howard Marks, who says now's the time for "bargain" hunting follow the market's selloff.
Marks is best known for his lengthy investment letters, and warnings. In early May he cautioned over bull-market excess, which seems as prescient as his similar year-earlier warning.
"Today I am starting to behave aggressively," he told the Financial Times in an interview. "Everything we deal in is significantly cheaper than it was six or 12 months ago."
The manager said now seems like a "reasonable time to start buying," noting lower prices for such assets as high-yield bonds, mortgage-backed securities and leveraged loans. Oaktree specializes in alternative investment strategies.
"Things may well go lower. In that case, I hope we'll have the will to buy more. It makes no sense to say: "I'm not going to buy until we reach bottom." We never know when we're at the bottom, and certainly I'm not saying we are today," Marks said."

(Revised caption) :)
The caption above is taken directly from this week’s Barron’s (print). I couldn’t fit it all in, so here’s the exact / full quote from Barron’s: “Today I am starting to behave aggressively. Everything we deal with is significantly cheaper than it was six to 12 months ago.”
Barron’s provides no additional detail, so I linked a reference to Marks’ comment from The Business Insider.
Title: Legendary investor Howard Marks says to snap up cheap assets now, as "waiting for the bottom is a terrible idea" - Story by George Glover
(This post has been substantially revised to clear up any possible confusion)

https://www.google.com/amp/s/www.kiplinger.com/investing/stocks/stocks-to-buy/602844/midyear-investing-outlook-where-to-invest-now?amp
See recent ecently year-end target for the S&P 500 from 5200 to 4900, though he remains bullish. “Calibrating an exact return is less important than framing the question: Is now a good time to be in the stock market? The answer is ‘yes.’ Returns are going to be robust over the next 12 months even in light of risks.”
Do incognito search article title
Midyear Investing Outlook: Where to Invest Now
Could be soft landings vs mild recessions w Feds Ukraine economic questions/
Lots opportunities there
Sp500 may finish upper 4000s range end 2022

+1. I used to read Gillian Tett in the FT paper edition. So, are we ALREADY in the Recession? Larry Summers needs to join the Slow Talkers of America.

The SV fund in my 401(k) invested with instruments from insurance companies. The yield this year is over 3%.
Money market funds now are yielding 1.3-1.4% whereas it was yielding less than 0.1% less than a year ago.

Mark Freeland wrote a very good analysis of the returns of different asset allocations during the inflationary 1970s He estimates the expected results of withdrawals from various allocations of equities 100% equities to 40%/60%.
The best results were a 79/9/16% ( latter is cash) which allows withdrawals for four years without selling equities at the bottom, or when they are below their high
This "cash stash" keeps you from the largest draw on performance, selling into a declining market at the low. This approach is similar to James Cloonan at American Association of Individual Investors, who proposed five years expenses in cash and withdrawing from equites only when the SP500 was within 5% of it's high.
I looked carefully to see it four or five years is enough and I am not sure it it, because the market took 3.2 years to recover from 11/68 high but then less than a year later, ( 1/11/73) it peaked again and took 7 years to recover (7/16/80). The 68 peak to the 80 recovery was over 11 years.
Similarly from a high in 3/2000, the recovery took 7.1 years but less than 5 months later crashed again and didn't recover until 3/2013, a combined total of 13 years.
Consequently, I believe that the customary 4 or 5 years is not enough to cover these prolonged declines. Seven years of expenses in cash or short term bonds seems to be the minimum.
Maybe the withdrawals would have been during those short period of market highs, and the withdrawals if below the peak would have been at least pretty close to it. You also have to withdraw enough to replenish your "cash stash".

SC piece is by @LewisBraham
https://www.barrons.com/articles/small-cap-funds-beat-blue-chips-51656530650?mod=past_editions
Part 2 Link
FUNDS. SMALL-CAPs (SCs) have sold off sharply (-31.9% from 11/8/21 high to 6/16/22 trough) and may be resilient in recession this time and may rebound better than blue chips in recovery. The SCs have EV/EBITDA discounts of 22% (20-year low) vs large-caps (LCs) while they typically trade at premium. Almost 44% of R2000 had losses for Q1. Although R2000 is a widely used SC index, the S&P SC600 is a better SC index (foreign investors don’t care for this distinction and tend to go for R2000). ACTIVE SC managers may outperform SC index during the rebound. The SCs are domestically oriented and benefit from deglobalization. Mentioned are OEFs AVALX, DSCPX, SSLCX, RYPRX, RYSEX, AASMX; ETFs IJR/S&P SC600, IWM/R2000, SLYV/S&P SC600-V.

Great interview w/ D.R. ... such a data hound. I was just asking myself this week why I'm not buying at least a modest stake in 2y T's. For a balance of yield and early-ish maturity, they look like a pretty good deal now, but maybe a little better after one more Fed hike, as Dave R. said.
Meanwhile, 10y & 30y T yields are already moving down. Base investment case may be to (cautiously) buy the price dips.

Ty Sir Crash
Kept forgetting that I have 300 shares energy xfer etp since 2014. Good long term company imho.
Also holding VDE GSG commodities
have great 4th July
Kind regards

I received an email from Marcus (GS) saying their online savings account is now paying 1.2%, pretty comparable to some MMFs.

Matthews China Active ETF
https://www.sec.gov/Archives/edgar/data/923184/000119312522187158/d270135d497k.htm
Matthews Emerging Markets Equity Active ETF
https://www.sec.gov/Archives/edgar/data/923184/000119312522187142/d241867d497k.htm
Matthews Asia Innovators Active ETF
https://www.sec.gov/Archives/edgar/data/923184/000119312522187153/d361017d497k.htm

https://www.sec.gov/Archives/edgar/data/890540/000139834422012839/fp0077295_497.htm
497 1 fp0077295_497.htm
THE ADVISORS’ INNER CIRCLE FUND II
(the “Trust”)
Champlain Emerging Markets Fund
(the “Fund”)
Supplement dated July 1, 2022 to the Fund’s Summary Prospectus, Prospectus and Statement of Additional Information (the “SAI”), each dated May 1, 2022.
This supplement provides new and additional information beyond that contained in the Summary Prospectus, Prospectus and SAI, and should be read in conjunction with the Summary Prospectus, Prospectus and SAI.
Champlain Investment Partners, LLC (“Champlain”), the Fund’s investment adviser, has informed the Board of Trustees (the “Board”) of the Trust that it is planning to exit the emerging markets asset class and cease offering emerging markets investment advisory services, including to the Fund, at some point in the near future. As a result of Champlain’s decision, Champlain recommended, and the Board approved, the closing of the Fund, effective as of the close of business on July 1, 2022 (the “Effective Time”), to new investments other than those made by current shareholders (that is, shareholders prior to the Effective Time) via systematic investment programs (“Permitted Investors”).
Over the course of the coming weeks, the Board, working closely with Champlain, will consider the best course of action for the future of the Fund consistent with the best interests of shareholders. These possible courses of action, include, but are not limited to, the possible liquidation or reorganization of the Fund. Shareholders will be informed of the Board’s decision in this regard via a future supplement to the Fund’s Summary Prospectus, Prospectus and SAI.
Champlain has represented to the Board that it will continue to manage the Fund in the best interests of shareholders and in accordance with the terms of the Fund’s Prospectus and SAI during this interim period.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
CSC-SK-021-0100

Dunno about Mosaic. I'm already in midstream ET. I'm holding onto it. If the price remains depressed, I'll buy more. It's a K-1 tax form Limited Partnership. Morningstar pegs it right now at a -43% discount to Fair Value. ($17.50 FV.)
(Barron's FV estimate = $15.44. Does that simply need to be updated?)
https://www.barrons.com/market-data/stocks/et?mod=searchresults_companyquotes&mod=searchbarhttps://www.energytransfer.com/

+1. Same question posed by hank, above. My guess, and it's just a GUESS--- is that to emerge from recession of whatever length and depth, there will need to be some unforeseen good news. An end to the war. (Let's hope.) Or China rising out of all covid lock-downs and renewed growth over there. Or a successful Iran nuke deal. Negotiations are right now ongoing. The interest-rate tool is like trying to kill a mosquito with a bazooka. Keep in mind: Mr. Market ALWAYS overreacts, whether to the upside or downside.

My thoughts on the topic:
-The Fed would prefer to just jawbone the capital markets to do the heavy lifting of slowing demand. (i.e. talk tough, but carry a wet noodle).
-That might have worked if Jay "Helicopter Cash" Powell had begun tightening in mid-2021, instead of mid-2022. But Jay was all about being re-appointed to a 2nd term. By waiting a year ("transitory" talk), inflation expectations are now strongly embedded in the behavior of economic actors.
-The only way to "kill" inflation is to kill demand. The asset bubbles need to be "pricked" to do so. Obviously some of that has happened. The Fed has a lousy history of avoiding recessions. To be fair, its a tough, nearly impossible job to "thread the needle" -- dampening demand "just enough", without pushing the economy into recession. Frankly, I wish Ben Bernanke were still running the show.
If not for the scheduled Q/T, I would think the bond market would be through correcting. It still may be: if stocks continue to grind lower --- due to downward earnings revisions -- a good chunk of the capital may move into bonds -- thus offsetting the Fed's Q/T sales.
_if the Fed is serious about killing demand -- and doesn't waiver, then a recession is my "base case". OTOH, if the Fed chickens out and "pivots", then a recession may be avoided --- but the cost will be higher, longer inflation, and a loss of confidence in the USD.
[[An aside: there may be bigger issues than "just" the economy this time, geopolitical issues. How can the West "de-fang" Putin? - crashing oil prices. How might that happen? -- a global recession. And which currency benefits from a de-risk trade? The USD. The USD has been very strong (against fiats, but not commodities). But a higher USD (prompted by higher rates) would tend to exert further downward pressure on oil prices. This would put incrementally more "hurt" on Russian oil revenues.
-So, I think bonds will find their final bottom b4 stocks. (Though stocks can have a countertrend rally any time, and July is usually an up month.)
- I always remind myself to "be mindful of the calendar". Even if we get a relief rally, the damage YTD has been extensive. -- Traders will want to register tax losses b4 year-end. (For many institutions, the tax year ends 10/31). So price-action in the weeks before Halloween may provide an opportunity to put money to work as institutional sellers close out their loss-positions.
-Mid-term election results may also provide a boost to the market in November -- assuming the SCOTUS Roe-reversal doesn't jinx a Red Wave result.
-Housing prices have not fallen yet. But that is one big asset bubble which needs to be popped to dampen inflation. If mortgage rates continue to climb, I would expect some of the corporate buyers (e.g. Blackstone, etc) to unload some of their holdings, in favor of bonds. That might precipitate downward price action, as inventory (finally) expands.
Given how 2022 is unfolding, 2023 may be lining up to be a good year. (3rd years of the Presidential cycle usually are)
Just my 8 cents.

Further, which investments are likely to prosper during the next chapter as the recession eases and growth resumes?

@hank, a real good question that may even need its own thread. I'd be positioning for recession now. Growth after a recession may be a bit early. For me, I think the commodity futures bandwagon has slowed and at best might move sideways.. Oil/energy companies have been giving back their big return.
Personally, I'm in the camp that a recession, if not inevitable, is the bet to play. I'm not going to change my portfolio equity percentage much, but I have been selling some and moving that equity money into financials VFH and health care, PPH. Both sectors hold up traditionally better in a recession. I've also increased my hedge fund, JHQAX.
I'd be interested in other's thoughts for working the edges. It's too late for reducing my 45-50% equity portfolio allotment IMHO. I've ridden this down 12% YTD. But I would like to position equities traditionally per recession expectations, because if we aren't there already I believe we will be soon.

SVs are available only in workplace retirement a/c and their rates have gone up significantly. SVs guarantee principal and accumulated interest.
Federal TSP G Fund is at 3%, https://www.tspfolio.com/tspgfundinterestrate
TIAA Traditional restricted RA is at 5.25%, flexible SRA at 4.75%, https://ybbpersonalfinance.proboards.com/thread/142/tiaa-traditional-rates-monthly?page=2&scrollTo=690
Taxable a/c alternatives include m-mkt funds, m-mkt accounts (by banks), T-Bills, short-term CDs.

Jerry Jones appeared on CNBC today where he got applauded for making more than $1B on a bet on Comstock (CRK), so maybe we would be late to the party at this point.

The recent action in Treasury yields is down, counter to the year's trend. Meanwhile, HY effective yield is approaching 9%, about a 6% spread over 10y Ts at the moment.
Looks like sentiment may be shifting for real to serious recession risk rather than risk of continuing massive inflation.

If you haven’t noticed, commodities have tanked hard in recent days - not a sign of a booming economy.

Crude oils and energy funds/ETFs fell considerably in the last two weeks. While this is one bright spot for this year, it is trending downward, perhaps due to slowing economy and demand. Crude oil future is down to $108 today whereas it was near $130 few months ago. Consumer discretionary (consumer spending in goods and services) is something important to watch.
No doubt this year is very tough to stay afloat. When both equity and bonds are down simultaneously as most bonds did not offer protection against stocks. A topical 60/40 portfolio is down near 15+% YTD. And we are only half way through the year. Don’t think we are near the bottom.