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Howard Marks

CO-FOUNDER AND CO-CHAIR OF OAKTREE CAPITAL MANAGEMENT AND AUTHOR OF ‘MASTERING THE MARKET CYCLE: GETTING THE ODDS ON YOUR SIDE’

The choice between ownership or debt is subjective, largely a function of the investor’s circumstances and attitude towards bearing risk.

There are only two asset classes: ownership and debt

The magnification of gains and losses stemming from leverage is typically symmetrical. A given amount of leverage amplifies gains and losses similarly. But levered portfolios face a downside risk to which there is not a corresponding upside: the risk of ruin.

WEALTH & INVESTING

Why investors should exercise restraint on debt

Easy money keeps the economy aloft, at least temporarily

WEALTH & INVESTING

Say farewell to the corrupting era of easy money

Investors can now potentially get solid returns from credit instruments, and no longer have to rely as heavily on riskier investments to achieve their overall return targets.

WEALTH & INVESTING

A sea change is under way in markets

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