Market timing is hard
Investor Harward Marks from Oaktree Capital speaks with Head of Finance Team in Economic Affairs Department at Chosun Ilbo. The video is about half an hour and although there is some editing along the way, there are many interesting reflections on the current market situation, tech companies and crypto.
Below is a short excerpt from the discussion:
Marks:
“
I don’t believe that we can say oh that’s cheap, that’s not cheap with certainty, all we can say for sure is that it’s a lot cheaper than it used to be.
Is this a reasonable time to do some buying, yeah. I mean the last thing I would say is that this is the bottom, it’s not going to go down anymore, you have to spend all your money here.
But I also don’t think that it would be appropriate to spend no money here. I think investors should spend some of their money here. […]
But the important thing in that article was the idea of saying we’re not going to buy anything until we get to the bottom. That’s a terrible idea! Because you never know when you’re at the bottom. And the bottom comes about because everybody achieves maximum pessimism and at that time very few people are capable of buying all right.
So what I believe is you buy a little here, it gets cheaper, you buy a little more.”
Watch the full interview here:
Note: The video can only be viewed from YouTube’s own site. Recommend fast forwarding to 8 min. and 18 sec.
