By
Borsgade
In a dialog with the students of INSEAD’s Investment Management Club, Howard Marks answers questions about his investment philosophy, the market right now and much more.
In relation to how much risk the individual investor should take in the current market, Marks answers:
Each investor should have a notion for what is the right balance of aggressiveness and defensiveness for them. It’s a personal thing. It’s subjective, and it varies from one person to another, and from one institution to another […]
The future is unusually murky. Unusually uncertain.
I think the future’s unclear now. We’re seeing this inflation thing. We’re seeing the super-high deficits and debts of the U.S. and other countries, plus we have the geopolitical uncertainty in Ukraine and in China and so forth. So, I would be a little balanced toward defensiveness today rather than aggressiveness. And you’d have to be quite creative to sketch out a very optimistic future for the next year. But don’t listen to me because I’m incapable of it.
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