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Howard Marks.

  • Howard Marks of Oaktree discussed stocks and bitcoin, and shared many tips for investors.
  • The billionaire investor has highlighted the parallels between the current market and the bubble of the mid-2000s.
  • Marx emphasized the importance of managing risk, not panic selling, and remaining skeptical.
  • See more stories on the Insider Business page.

Drawing parallels between the current market and the asset bubble that preceded the global financial crisis, Howard Marks highlights the longevity of bitcoin, and argues that low interest rates may justify a higher stock valuation, speaking during the latest episode of the “We Study Billionaires” podcast.

The billionaire co-founder and co-chairman of Oaktree Capital Management advised investors to carefully manage the risk of their portfolio, resist the temptation to buy high and sell low, and be skeptical of major claims.

Here are Marks’ 12 best quotes, edited and condensed a bit for clarity:

1 – “The epidemic was a meteor hitting the Earth from outer space. The market downturn was not the result of excessive optimism. The recovery was not just a recovery from excessive pessimism, but the result of the largest economic rescue effort in the world. History.” – The past 18 months should not be seen as a traditional market cycle.

2. “There are certainly parallels that make Jeremy Grantham and the others say ‘bubble zone’ and blow the whistle of caution.” – Compare the hype around many assets in 2006 to the current market boom.

3. “If investors can think about an asset class and say, ‘Oh, so, no price is too high’ — that’s one of the greatest indicators of a bubble.”

4. “We have the lowest interest rates in history. This would simply argue for the highest asset valuations in history.”

5. “I came out very strong against bitcoin in 2017. I was very negative, I was very outspoken. I had a quick reaction to something new. Now I prefer to say, ‘I don’t know enough about it so I have a strong opinion.’”

6. “Bitcoin has been around for dozens of years. If it’s a flash in the pan, it’s a horrible long pan.”

7. “One of the most important aspects of being a good investor is that you try to set things up so that if things go your way, you’re doing a great job. But if things don’t go the way you want them to, you can still do well.”

8. “Good investing is not a matter of buying good things but buying things well. And if you don’t know the difference, you shouldn’t be making too much of an investment.”

9. “Don’t get in the way of the mounting machine. Just get out of the way. Don’t spoil it.”

10. “When you’re in an area full of uncertainty, variety, unpredictability, randomness, and things like that — it’s foolish to be confident that you know the future.”

11. “The active investors in this business buy low and sell high. But everything in our nature conspires to make us buy high and sell low. It is necessary to fight against these instincts.”

12. “Someone comes into your office and says, ‘I’ve been managing my money for 30 years, I’ve earned 11% a year, and I’ve never made a single month.’ Your job is to say, ‘That’s too good to be true, Mr. Madoff.’ Urge investors to always be skeptical of fictional claims and promises.

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