Investors are playing the waiting game for Tuesday, a day ahead of what could be a pivotal consumer prices report.
Our call of the day comes from another legend, Oaktree Capital Management’s co-founder and co-chairman Howard Marks, who offers insight about how he made his best ever calls — five in 50 years — along with a key mistake for investors to avoid. In July 2007, he warned clients that “skepticism, fear and risk aversion” were in short supply as many were stuck believing the housing market would only go up. Oaktree made big defensive moves in its investment portfolio ahead of the crash that would arrive eight months later.
Marks says a pattern emerges for investors, the main one being that they shouldn’t try to make too many big calls too often. The markets Stocks YM00 ES00 NQ00 are nudging higher, as Treasury yields TMUBMUSD10Y TMUBMUSD02Y head the other way, with the dollar DXY weak — the pound GBPUSD has reached a 15-month high above $1.29 on surging wage growth– and oil prices CL.1 modestly up.