Oaktree's Howard Marks Warns on Stock-Market Euphoria and Herding Bias
- Billionaire investor Howard Marks is known for his memos on market cycles and investor psychology.
- In a recent podcast, he said we were in the "suspension-of-disbelief" stage of the upcycle.
- He also said investors should study psychology and dare to deviate from the crowd.
Howard Marks is known as somewhat of a philosopher king in the world of investing.
The cochairman of the $153 billion Oaktree Capital Management has not only built the largest distressed-debt investment firm but also written 132 iconic memos since 1990.
Even Warren Buffett said: "When I see memos from Howard Marks in my mail, they're the first thing I open and read. I always learn something."
Marks is a great believer in the cyclical nature of markets. His most recent book, "Mastering the Market Cycle: Getting the Odds on Your Side," which teaches investors how to identify different stages of the market, has garnered rave reviews from the hedge-fund manager Ray Dalio and the bond king Jeffrey Gundlach.
The 50-year investing veteran broke down his thoughts on the current stage of the …
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