How Low Rates Are a Game-Changer for Asset Valuation (w/ Howard Marks & Joel Greenblatt)
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Howard Marks, co-founder and co-chairman of Oaktree Capital Management, welcomes Joel Greenblatt, founder and co-CIO of Gotham Asset Management, for an exploration on whether market exuberance is rational or irrational. Marks contends that the current investor optimism is largely a man-made artifact of monetary policy in order to stave off an economic recession. Greenblatt argues that mega-cap tech stocks like Amazon, Alphabet, and Microsoft are reasonably valued despite their remarkable price appreciation. Marks and Greenblatt agree that the Fed's promise to keep rates low for many years is a true gamechanger in the valuation of assets, and they discuss whether high inflation could change this. Lastly, Marks and Greenblatt compare different styles of investing and share timeless lessons they have learned over the course of their careers in finance. Marks and Greenblatt discuss ideas from Marks' latest memo, "Something of Value." To read this memo, click here: https://www.oaktreecapital.com/docs/default-source/memos/something-of-value.pdf. Filmed on February 5, 2021.
Key learnings:
Marks and Greenblatt contend that the prospect of sustained low-interest rates may indeed mean that "this time is different," and that optimistic valuations may be justified by the lowering of the "discount rate" by which future cash flows are priced in the market. Nevertheless, market optimism is very high, so having a sufficient margin of safety when allocating capital is absolutely necessary.
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How Low Rates Are a Game-Changer for Asset Valuation (w/ Howard Marks & Joel Greenblatt)
https://www.youtube.com/c/RealVisionTelevision
For the transcript visit: https://rvtv.io/TheInterview
Disclaimer:
This is pretty obvious, but we should probably say it anyway so that there is absolutely no confusion…The material in REAL VISION GROUP video programs and publications {collectively referred to as “RV RELEASES”} is provided for informational purposes only and is NOT investment advice. The information in RV RELEASES has been obtained from sources believed to be reliable, but Real Vision and its contributors, distributors and/or publisher, licensors, and their respective employees, contractors , agents, suppliers and vendors { collectively, “Affiliated Parties”} make no representation or warranty as to the accuracy, timeliness or completeness of the content in RV RELEASES. Any data included in RV RELEASES are illustrative only and not for investment purposes. Any opinion or recommendation expressed in RV RELEASES is subject to change without notice. RV Releases do not recommend, explicitly nor implicitly, nor suggest or recommend any investment strategy. Real Vision Group and its Affiliated Parties disclaim all liability for any loss that may arise (whether direct indirect, consequential, incidental, punitive or otherwise) from any use of the information in RV RELEASES. Real Vision Group and its Affiliated Parties do not have regard to any individual’s, group of individuals’ or entity’s specific investment objectives, financial situation or circumstance. RV RELEASES do not express any opinion on the future value of any security, currency or other investment instrument. You should seek expert financial and other advice regarding the appropriateness of the material discussed or recommended in RV RELEASES and should note that investment values may fall, you may receive less back than originally invested and past performances is not necessarily reflective of future performances. Well that was pretty intense! We hope you got all of that – now stop reading the small print and go and enjoy Real Vision.
Видео How Low Rates Are a Game-Changer for Asset Valuation (w/ Howard Marks & Joel Greenblatt) канала Real Vision Finance
Howard Marks, co-founder and co-chairman of Oaktree Capital Management, welcomes Joel Greenblatt, founder and co-CIO of Gotham Asset Management, for an exploration on whether market exuberance is rational or irrational. Marks contends that the current investor optimism is largely a man-made artifact of monetary policy in order to stave off an economic recession. Greenblatt argues that mega-cap tech stocks like Amazon, Alphabet, and Microsoft are reasonably valued despite their remarkable price appreciation. Marks and Greenblatt agree that the Fed's promise to keep rates low for many years is a true gamechanger in the valuation of assets, and they discuss whether high inflation could change this. Lastly, Marks and Greenblatt compare different styles of investing and share timeless lessons they have learned over the course of their careers in finance. Marks and Greenblatt discuss ideas from Marks' latest memo, "Something of Value." To read this memo, click here: https://www.oaktreecapital.com/docs/default-source/memos/something-of-value.pdf. Filmed on February 5, 2021.
Key learnings:
Marks and Greenblatt contend that the prospect of sustained low-interest rates may indeed mean that "this time is different," and that optimistic valuations may be justified by the lowering of the "discount rate" by which future cash flows are priced in the market. Nevertheless, market optimism is very high, so having a sufficient margin of safety when allocating capital is absolutely necessary.
Thanks for watching The Interview, the premier business and finance interview series in the world.
Subscribe to our channel now for more videos like this one: https://rvtv.io/subscribe
Do you want even more content like this? And to see this video before we release it here? Become a member of Real Vision for $99 for 6 months: https://rvtv.io/membership
About Real Vision™:
Real Vision™ is where you can gain an understanding of the complex world of finance, business and the global economy with real in-depth analysis from real experts.
Connect with Real Vision™ Online:
Twitter: https://rvtv.io/twitter
Instagram: https://rvtv.io/instagram
Facebook: https://rvtv.io/facebook
Linkedin: https://rvtv.io/linkedin
How Low Rates Are a Game-Changer for Asset Valuation (w/ Howard Marks & Joel Greenblatt)
https://www.youtube.com/c/RealVisionTelevision
For the transcript visit: https://rvtv.io/TheInterview
Disclaimer:
This is pretty obvious, but we should probably say it anyway so that there is absolutely no confusion…The material in REAL VISION GROUP video programs and publications {collectively referred to as “RV RELEASES”} is provided for informational purposes only and is NOT investment advice. The information in RV RELEASES has been obtained from sources believed to be reliable, but Real Vision and its contributors, distributors and/or publisher, licensors, and their respective employees, contractors , agents, suppliers and vendors { collectively, “Affiliated Parties”} make no representation or warranty as to the accuracy, timeliness or completeness of the content in RV RELEASES. Any data included in RV RELEASES are illustrative only and not for investment purposes. Any opinion or recommendation expressed in RV RELEASES is subject to change without notice. RV Releases do not recommend, explicitly nor implicitly, nor suggest or recommend any investment strategy. Real Vision Group and its Affiliated Parties disclaim all liability for any loss that may arise (whether direct indirect, consequential, incidental, punitive or otherwise) from any use of the information in RV RELEASES. Real Vision Group and its Affiliated Parties do not have regard to any individual’s, group of individuals’ or entity’s specific investment objectives, financial situation or circumstance. RV RELEASES do not express any opinion on the future value of any security, currency or other investment instrument. You should seek expert financial and other advice regarding the appropriateness of the material discussed or recommended in RV RELEASES and should note that investment values may fall, you may receive less back than originally invested and past performances is not necessarily reflective of future performances. Well that was pretty intense! We hope you got all of that – now stop reading the small print and go and enjoy Real Vision.
Видео How Low Rates Are a Game-Changer for Asset Valuation (w/ Howard Marks & Joel Greenblatt) канала Real Vision Finance
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