Howard Marks Remarks: We Are in the Middle of Price Too High or Too Low
1. 26+ years of managing money. Consistent and managing risk. Expert in credit. Outperformance in bad times.
2. $78 billion AUM today, up from $36 in 2007. 1700 limited partners. 100 largest pension funds.
3. Spend most of time visiting potential and existing clients.
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1. Normal period of investment environment.
2. Outlook of developed world, Europe, leadership, China slow down.
3. We are in the middle of price too high or too low
4. Opportunities in US are less
5. Moderate asset prices and moderate investor psychologies.
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