Howard Marks says investors must ignore manic depressive markets and focus on the bigger picture. Rates will be higher for longer and that will bring pain – and opportunity.
Wall Street legend Howard Marks has commandeered my notebook.
The billionaire founder of Oaktree Capital Management is sketching a graph (see below) that shows how equity market valuations oscillate between very rich and very poor, as investors swing from euphoria to despair.
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James Thomson is senior Chanticleer columnist based in Melbourne. He was the Companies editor and editor of BRW Magazine. Connect with James on Twitter. Email James at j.thomson@afr.com
