'I no longer feel defense should be favored': Billionaire investor Howard Marks urges clients to take advantage of bargains in the marketAttractive entry prices and new detail around the economic toll of coronavirus make for an appealing investing environment, Oaktree Capital founder Howard Marks said in aThose who aren't willing to take on risk will miss out on a likely uptrend when the virus threat subsides, he wrote Monday.
Investors aiming to time the market bottom are using an"irrational" strategy, and should instead"buy on the way down," the billionaire investor said.Widespread virus fear and depressed asset prices make for a promising investment opportunity, Oaktree Capital founder Howard Marks told clients in a recentThe"uncertain, low-return environment" seen throughout the financial sector before the coronavirus tanked markets has given way to one rife with value, he said.
"Yes, the fundamentals have deteriorated and may deteriorate further, and the disease makes for risk ," Marks wrote."But there's a big difference between a market where no one can find a flaw and one where people have given up on risk-taking."Morgan Stanley handpicks the 18 best US stocks to buy now while they're cheap to enjoy profits for years to come
Uncertainty clouding the outbreak's future and the lack of relevant guidance created a troublesome investing environment. Yet as markets tanked and investors fled for safe-haven assets, Marks' outlook skewed further to the buy-side.
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