Re: Howard Marks - Sea Change
Posted: October 19th, 2023, 12:28 pm
It's a shame investment threads on TLF always end up in some form of personalised argument about who did what when etc. To be honest, I ignore any claimed performance by PI's on bulletin boards etc. and have done so for as long as I can remember. I'm sorry but I'm just totally uninterested in anyone elses portfolio. What's the point? Everyone is on a different investment journey and you hardly ever see anyone discussing the disastrous investments they have made... funny that! The only thing that really matters is reward obtained for the risk undertaken, and on that basis it's hard to imagine more than a handful of active PI's have beaten the S&P 500 over the timescale mentioned in Howards Marks memo (2009-21). I know I haven't. Cheap S&P 500 ETFs are widely available to all, and anyone that chooses to use the FTSE indices as a marker of their performance is only trying to kid themselves IMHO.
I'm only on TLF looking for potential investments and to discuss ideas such as Howard Marks suggestion that there is a sea change happening which means I should maybe review my investment process going forward; particularly seeing as I'm now somewhat older than when I started investing (having left it quite late in life) and now happily retired much earlier than many folk are able to.
Back to this thread... I accept Howard Marks argument that interest rates are very likely not heading back where they came from anytime soon and that they will be quite sticky, particularly here in the UK. So, having spent a few days looking around for high yield bond investments etc. I alighted upon the the thread on the floating rate coupon Investec Pref (INVR) for which I'd like to thank those involved in that discussion. Whilst I wasn't particularly looking for another preference share to hold, this morning I sold one of my disasters (Hipgnosis Songs) and bought some INVR with the proceeds.
All the best, Si
I'm only on TLF looking for potential investments and to discuss ideas such as Howard Marks suggestion that there is a sea change happening which means I should maybe review my investment process going forward; particularly seeing as I'm now somewhat older than when I started investing (having left it quite late in life) and now happily retired much earlier than many folk are able to.
Back to this thread... I accept Howard Marks argument that interest rates are very likely not heading back where they came from anytime soon and that they will be quite sticky, particularly here in the UK. So, having spent a few days looking around for high yield bond investments etc. I alighted upon the the thread on the floating rate coupon Investec Pref (INVR) for which I'd like to thank those involved in that discussion. Whilst I wasn't particularly looking for another preference share to hold, this morning I sold one of my disasters (Hipgnosis Songs) and bought some INVR with the proceeds.
All the best, Si