What Yogi Berra, Pete Carroll, and Fantasy Football Can Teach Us About Investing

Can watching sports and playing fantasy football make you a better investor? Definitely, says Oakmark’s Howard Marks – if you take away the right lessons. In a piece for Barron’s, Marks talks about the lessons investors can learn from the consistency of the late Yogi Berra; from the Seattle Seahawks’ controversial playcalling decision at the end of last season’s Super Bowl; and from the world of fantasy sports. Berra, he says, may not have had the tape-measure power of sluggers like Reggie Jackson, but he was remarkably consistent throughout his career, often ranking among the league leaders in games played, fewest passed […]

Marks of Oaktree Capital Advises a Balance Between “Offense and Defense”

Howard Marks, co-chairman of Oaktree Capital, says “the most important thing that an investor has to do . . . is to set the balance in his portfolio between offense and defense.” He continues: “For the last four years, we’ve had a position that can be summed up as ‘move forward, but with caution. . . . I think you have to favor caution.” Regarding high yield bonds, Marks said the inference from recent activity may be that they seem riskier, “but the math is that they are a better buy now” than previously. He does not buy such bonds […]