Marks: Oaktree missed top returns from 2016 to 2018 due to caution
Howard Marks · 20VC: Oaktree Capital's Howard Marks on The Most Important Skill An Investor Can Have, The Right Way To Think About Price Sensitivity & Where Are We At Today; Take More Risk or Less? · Jan 20, 2020 · at 27:19
Howard Marks, co-founder of Oaktree Capital, discusses the friction of holding a cautious, counter-cyclical portfolio position during an extended bull market.
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“Several years ago, so we turned somewhat cautious several years ago, and clearly that was not needed. And the highest returns in the last few years, and certainly the last, well, certainly 1617, 18, the highest returns went to the people who took the most risk, and that wasn't us.”
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