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Howard Marx's Latest Comments

"where there is risk there is also reward"Not strictly true : if risky stocks always delivered rewards they wouldn't be risky!

Unilever plc's sales have grown annually at just 2.6% p.a. in the last five years. Kraft Heinz Company sales actually fell in the last Quarter. These two elephants have realised that their only route to profit growth is from cost efficiences via M/A

Interesting debate. I think Daniel Kahneman summed it up well when he said: “People who have information about an individual case rarely feel the need to know the statistics of the class to which the case belongs.” Broad empirical data provide a valuable sounding board against which to check the credibility of any forecast. Eg if consensus forecasts for BooHoo's future Sales suggest a 22%…

RhomboidA key use of CFD's/spreads is to hedge a portfolio rather than to take directional 'bets'. This is a core source of underlying profitability for IG Group (LON:IGG) & CMC Markets (LON:CMCX)NB The CEO was clear to point out that the '2%' of clients in a period evolves into a different cohort into a following period i.e. it is not the same 2% clients that…

Re CMC Markets (LON:CMCX) & IG Group (LON:IGG), it was interesting listening to the latter's conference call yesterday.The CEO claimed that as a constant in any period, 50% of the profit came from 2% of the clients.I had previously assumed an 80/20 ratio i.e. that 80% of the profit in these businesses came from 20% of clients. Maybe it's nearer to 90/10. Regardless, if these…



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