In my last
Blog I talked about finding the “right information.” I always read the memos from Howard Marks the
Chairman of Oaktree Capital. His latest
views are in the link below, but I wanted to highlight one specific paragraph
from this piece.
“It’s easier to know what to do at the extremes than it is in the middle ground, where I believe we are today. As I wrote in my book, when there’s nothing clever to do, the mistake lies in trying to be clever. Today it seems the best we can do is invest prudently in the coming months, avoiding aggressiveness and remembering to apply caution.”
My current view of the market (both equity and fixed income) is largely in line with Marks, but regardless of where you think the market is or where it is heading one of the worst mistakes in investing is “Trying to be Clever when there is nothing clever to do”