In his recent interview with CNBC, Howard Marks explains why investors should search for bargains in the ‘uninvestable’ pile. Here’s an excerpt from the interview:
Marks: I made my career based on things other people wouldn’t do.
Today China is described as ‘uninvestable’. Forty five years ago, high-yield bonds were described as uninvestable. I think the bargains at any moment are best found on the uninvestable pile.
Although that’s different Andrew from saying that everything on that pile is what you should buy.
But I think that a great place to look for bargains is on the pile of things other people won’t touch, because they by definition, their prices embody no optimism.
You can watch the entire discussion here:
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