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Howard Marks made billions piling into the market at the depths of the financial crisis – here’s why he’s continuing to buy now, and what it would take for him to stop
Howard Marks, the co-founder and co-chairman of $US122 billion Oaktree Capital, made a fortune by loading up on distressed corporate debt during the darkest depths of the financial crisis.
In an exclusive interview with Business Insider, Marks explained how his overall investment philosophy and views on market cycles enabled him to make that legendary trade.
Marks also explained why he’s continuing to buy more every day, and laid out the scenario that would prompt him to get more defensive.
Dow tumbles more than 500 points amid growth, trade concerns
Stocks fell Wednesday as concerns about global economic growth and ongoing trade tensions continued to hang over Wall Street and after the bond market resumed a sell-off that started last week.
The Dow Jones industrial average dropped as many as 506 points to 25,910.89 at its lows. Technology companies were among the losers, with the Nasdaq Composite falling more than 2.3% to 7,559.73. The S&P 500 shed 1.6% to 2,834.61, on track for its steepest loss since June.
The $US69 billion CVS-Aetna merger just got the green light – with some conditions
The proposed $US69 billion merger between CVS Health and Aetna is getting a greenlight from the Department of Justice, with some conditions.
The Justice Department on Wednesday approved the deal on the condition that Aetna moves ahead with its plan to sell its Medicare Part D prescription drug plan business, resolving some anti-monopoly issues.
Aetna announced last month it’d sell the business for an undisclosed amount.
In markets news
- BANK OF AMERICA: Corporate America is about to unleash ‘dry powder’ onto the market that could end the sell-off, and 2 sectors will spearhead the profits
- MORGAN STANLEY: These 10 stocks are going to explode higher during earnings season
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