Barron’s had an awesome interview over the weekend with Howard Marks. They made it the cover story for a reason. If you missed it, you must immediately read it here.
For those that don’t know, Howard Marks is the chairman of Oaktree Capital Management ($77 billion under investment). They focus on distressed debt and Warren Buffett is one of his biggest fans. What I found very appealing was his use of sentiment in his overall market thesis.
He’s been in this game longer than I’ve been alive and whenever I see someone willing to share what they’ve learned, it is like Christmas.
Here are a few of my favorite quotes from the story and my take. (more…)