Howard Marks: Investors Should Never Wait For The Market To Get Cheaper

In his recent interview with Bloomberg, Howard Marks explains why investors should never wait for the market to get cheaper. Here’s an excerpt from the interview:

Marks: One of the six tenets of Oaktree’s investment philosophy, which we established when we started in April of ’95 and have never changed a word, and I believe in thoroughly is that we’re not market timers and that means mostly two things:

We never sell to raise cash to prepare for a decline.

And we never say it’s cheap today but it’ll be cheaper in six months so we’ll wait.

If it’s cheap today we buy it, if it’s cheaper in six months more we buy more, and I think that that works much better than an assertion that we know where the market will be in six months.

You can watch the entire discussion here: