…It’s a matter of relative choices.”
“No. 1, what’s going to happen? Nobody knows. His appointments are not firm, they have yet to be confirmed. his policies are not known. What is he going to do? Nobody really knows what he’s going to do? No. 2, What else will be going on in the world. He’s not the only show. It’s complicated. No. 3 How will the market react to all these things?…”
Howard Marks from Oaktree Capital Management discusses the challenge of evaluating market risk amidst geopolitical uncertainties and high valuations. Marks emphasizes a bottom-up approach of focusing on intrinsic company value rather than making top-down market timing calls. Marks also addresses Warren Buffett’s strategy, Elon Musk’s DOGE, and China’s growth rate.