Howard Marks es Presidente de Oaktree Capital Management, es uno de los mejores inversores en "distressed-debt" (Deuda de empresas en dificultades financieras, que se han declarado en bancarrota o esperan hacerlo proximamente). Gestiona alrededor de 90 billones de dólares. Su estrategia se basa en adquirir "distressed-debt" y "junk bonds" (bonos High Yield)
"Change is inevitable. The only constant is impermanence…. We have to accommodate to the fact that the wheel turns and the environment changes."
“You can’t control the environment,” So the key is to recognize how it’s changing, accept it, and respond as wisely as possible. “The screwiest thing you can do is to think you’re a Master of the Universe. We’re all just little cogs, and the universe will go on without us. We have to fit into it and adapt to it.”
There is scant investment opportunity and excessive complacency
“What bigger mistake could there be than to think you can safely get high returns in a low-return world?”
Investors should adjust by assuming less risk and lowering their expectations.
“The market’s not a very accommodating machine; it won’t provide high returns just because you need them.”
“I’m a big believer in randomness,” he says. “I walk around with this incredible feeling that I’m a lucky guy.”