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The Calculus of Value (Howard Marks)

edited August 14 in Other Investing
Latest Memo from Howard Marks PDF Format

Comments

  • Thanks for the link.

    The wisdom, simplicity, and brevity, reminded me of Orwell's Politics and the English Language.
  • I jumped through it. I appreciate his notion of "Investcom" stages akin to the military's "Defcon" stages, even though it's impossible to time it all just right. Trying to time a top or bottom, or a top or bottom in terms of investor sentiment, can't be done. But you can be "in the ballpark."
  • Correct. Other than one possibility there doesn't seem to be any batters who bat 1.000 and no pitchers who only throw perfect games.
  • edited 9:25AM
    DEFCON 4 for me

    Marks is a pretty deep thinker. Doubt many of us possess the equanimity needed to be a deep value (distressed debt) investor like he is. An approach to markets & investing that seems miles apart from equally successful Rick Rieder (linked by @equalizer in another thread).
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