Howard Marks is a billionaire investor as well as the top dog at Oaktree Capital Management. He views April’s stock market rally as “inappropriately positive.”
Mr. Marks specifically pointed to the worst pandemic in 100 years, extraordinary recessionary pressures worldwide and never-before-seen disruptions in oil prices. He then quipped about the S&P 500, “We’re only down 15% from the all-time high… the world is more than 15% screwed up.”
He’s right, of course. Yet he may simply be expressing frustration at an inability to benefit from extremely distressed pricing.
What’s more, Mr. Marks is aware