霍华德标志着最新警告

Oaktree Capital Management co-founder Howard Marks sees a “false dichotomy” in the value-versus-growth debate, likening the two investment approaches to rival political factions.

“There are arguments for a resurgence in value investing and arguments for its permanent impairment,” Marks said in a new memo to Oaktree clients. “But I think this debate gives rise to a false and unhelpful narrative.”

In their hunt for bargains, value investors have a bias toward mean reversion, according to the memo. They should keep an open mind, Marks suggested, saying their search for value in low-priced securities should be one of many important tools as opposed to “a hammer constantly in search of a nail.”

Marks drew on conversations held during the pandemic with his son Andrew, a professional investor who focuses on growth companies. The Oaktree co-founder noted how the investing world has evolved from when he started working in 1969 — during the “Nifty Fifty bubble” that crashed around him — when information was hard to gather in what was then a “cottage industry.”

“The focus on value versus growth doesn’t serve investors well in the fast-changing world in which we live,” Marks wrote in the memo. “I don’t believe the famous value investors who so influenced the field intended for there to be such a sharp delineation between value investing, with its focus on the present day, low price and predictability, and growth investing, with its emphasis on rapidly growing companies, even when selling at high valuations.”

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根据备忘录，关于历史估值的广泛观察不足以形成市场意见。

Marks warned that “at some point, the camps of value and growth developed nearly the same fervent adherence as rival political factions.” He said he was inclined to take a value approach as a result of “natural conservatism,” having grown up with parents who experienced the Great Depression. While his “bargain hunter” persona has served him well in the field of credit, Marks said his son has a “considerably different mindset.”

The Oaktree co-founder handles the conservative investing for the Marks family money, and his son Andrew — who helps manage venture capital firm TQ Investors — steers the “‘upside-oriented investments’ with great results,” according to the memo.

While Marks said he was offering no opinion on growth stocks, he wrote that investors should consider “the fundamentals underpinning the small number of companies that currently drive a huge percentage of the market, instead of top-down conclusions on purely historical valuation comparisons.”

标记表示，由于投资者对酒吧公司的价值投资者没有意义，因为它们是“高科技”，并广泛认为“异常明亮的期货”。他说，目标，应该是“弄清楚各种各样的东西是值得的，并且当他们提供了很多东西时买它们。”

Again, Marks pointed to discussions with his son.

“Andrew insists that when you’re talking about today’s great growth companies, the approach of ‘buy in cheap, set a target price, sell as it rises, and exit fully when it reaches the target’ is dead wrong,” Marks said. “Instead, as he says, you have to talk yourself out of the selling.”

The rapid pace of innovation and technical adoption today needs to be factored into investing decisions, according to the memo. “The basic equations of finance were not built to handle high-double-digit growth as far as the eye can see, making the valuation of rapid growers a complicated matter.”

GMO’s Ben Inker told亚博赞助欧冠last month that the firm, co-founded by legendary value investor Jeremy Grantham, had to take a careful look at the profitability of fast-growing companies before launching theGMO Equity Dislocation Strategy。随着长期策略旨在从公司在股票市场中看到的成长泡沫，Inker表示，GMO需要了解哪些公司可能只是“轻微”被高估，因此不押注。

“Skepticism keeps investors safe and helps them avoid things that are ‘too good to be true,” Marks said. “But I also think skepticism can lead to knee-jerk dismissiveness.”

Marks considered the rise of stock indexes including the S&P 500, which has become more tech-heavy over the years. “As Andrew repeatedly reminds me, it’s hard to make a convincing case that today’s market is too high if you can’t explain why its tech leaders are overvalued.”

Oaktree联合创始人表示，沃伦巴菲特“有价值的投资者的守护神”，他的伴侣查理芒代表劝说他对价值的定义，并将其关注“以公平价格为”伟大的企业“。他告诉Oaktree客户，LED Buffett投资于Coca-Cola，Geico和华盛顿邮政等越来越多的公司。

“有趣的是，巴菲特让他最近对苹果的投资一直是他最成功的之一，”纪念，在价值和增长投资的备忘录中并不相互排斥。