Registered:
24/12/16
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Howard Marx's Latest Comments

"Sitting through big market advances and allowing your investments to compound is hard enough, but it’s infinitely harder to do when you’re being compelled to take action based on falsehoods."Ah, the clarity of hindsight. It's easy ex-post when you know the outcome of an event to highlight the errors of those who made inaccurate ex-ante forecasts!I'd be more interested to know the authors views at…

johnvAccording to Dow Theory, bear markets/downtrends occur where "each new low is lower than the previous low and each peak is lower then the prior peak"As can be seen below, the move in the FTSE-100 2015/16 didn't go below the low of 2012. Hence this move would be characterised as a 'sell-off' rather than a 'bear-market' http://www.investopedia.com/un...

Not sure where the author's bias is? After all, he's simply operating a price comparison website. If he is biased, then so too is that fat opera singer from the GoCompare ad. Also the Meerkats!

Value stocks can have spectacular moves during & emerging from bear markets. But the aggregate performance is pedestrian unless you had good timing!Value stocks performance (Russell 3000) 2008 -45.2%2009 +91.3%2010 +33.2%0.548*1.913*1.332 = +39.6% = 11.8% compound over three yearsNot a great return when volatility adjusted.

I'd agree with gus's observation - when markets go down, everything will go down - value, growth, small, large, high quality, low quality, low risk, high risk, high momentum, low momentum. Sure some factors will decline more severely than others, but it will be little consolation if the market drops 20% to be 'only' down 15%. Take a look at the performance by factor in…



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