In an interview with the founder of Marx: the current American oak capital is still in debt accumulation stage of original title: Interview with global distressed debt investment giant, Oaktree capital co chairman and co-founder Howard · Marx: first see the market cycle re investment in the United States still current debt accumulation stage of newspaper reporter Yao Yao Shanghai reported by Howard · Marx (Howard Marks) Co. Ltd. oak the joint venture capital management (hereinafter referred to as "oak capital"), is a global investment giant debt dilemma. As of September 30, 2016, oak capital’s assets under management amounted to $100 billion. The company specializes in distressed debt, corporate bonds (including high-yield bonds and preferred loans), private equity investment holdings, convertible securities, real estate, and other stocks listed in looking for opportunities for value investment and strict risk control. Howard · Marx in his "most important thing" in the book repeatedly said the market effectively on suspicion that he is the accurate grasp of market inefficiencies, to get good returns. In November 18th, Howard · Marx in Shanghai to include the twenty-first Century economic report, the media reporter to explain his "market cycle theory", and the oak in which capital how to capture investment opportunities. "Think back to the United States before the election, we think Hilary will be elected; if Trump is elected, then the stock market will fall. But the result is Trump elected, the stock market also rose. This shows that we can not predict the future, that the certainty of the future can be obtained, which often put people into trouble. Oak capital spends a lot of time studying the cycle, seeing where it is now, and taking appropriate action based on it." Howard · said Marx. "Twenty-first Century": Oak capital investment strategy? Howard · Marx: Oak capital spends a lot of time researching the cycle, seeing where it is now, and taking appropriate action based on it. I went through the first cycle of -1993 in 1980, during which the default rate rose from 2.7% in 1988 to $10.3% in 1991, down from $10.3% in 1991 to $1.1% in 1993. Generally, there are four stages in the market cycle. The first stage is the accumulation of debt: when the investment environment is favorable, the pursuit of high risk can bring high returns, the bond issuance is often a surge, but the quality of the decline in the issue. A debt crisis triggered by events such as recession or credit crunch. The consequences of the debt crisis is the credit market closed, default rates soared, bond prices fell, then investors panic selling, asset loss is more and more big, pile up in excess of requirement, all of these make the high return investment opportunities began to emerge. Subsequently, the economy began to recover, the capital market to re open, improve investor mentality, asset prices rebounded rapidly, investors achieve ultra-high returns. This cycle will continue. Default rates fall,)相关的主题文章: