Howard Marks, the Chairman of Oaktree Capital Management, is well known for his insightful memos and presentations. He recently made a presentation titled “Investing in Uncertain Times” at the Credit Suisse Financial Services Forum on February 13, 2013.
Mr. Mark’s 11-page presentation outlines his belief that we are investing on “uncertain ground” as the US economy is sluggish and although a recovery is underway it is “slow, unsteady and not dynamic”. Nevertheless, he maintains that assets valuations are reasonable and that we should all “move forward but with caution”.
His conclusion: “The outlook certainly isn’t so propitious (and assets aren’t so cheap) as to call for investing aggressively. But at the same time, conditions aren’t so bad and prices aren’t so high that it’s time for extreme risk aversion.”
Click HERE to view Mr. Mark’s presentation (courtesy of Business Insider).
© 2013 PEPD • Private Equity’s Leading News Magazine • 3-13-13