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 1. Home
 2. Markets
 3. Need to Know


NEED TO KNOW




OAKTREE’S HOWARD MARKS IS FINDING BARGAINS: ‘I AM STARTING TO BEHAVE
AGGRESSIVELY’

Last Updated: June 28, 2022 at 8:29 a.m. ET First Published: June 28, 2022 at
7:02 a.m. ET
By

BARBARA KOLLMEYER

  comments


CRITICAL INFORMATION FOR THE U.S. TRADING DAY

HOWARD MARKS, CO-CHAIRMAN OF OAKTREE CAPITAL, SPEAKS LAST OCTOBER AT THE MILKEN
INSTITUTE GLOBAL CONFERENCE IN BEVERLY HILLS, CALIF.

patrick t. fallon/Agence France-Presse/Getty Images
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REFERENCED SYMBOLS


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TCOM
+1.24%
NKE
-1.00%
CVS
+1.38%
WMT
+0.86%
RAD
+1.63%
META
-0.76%
ES00
-0.12%
YM00
-0.15%
NQ00
-0.08%
CL.1
+0.08%
BRN00
-0.04%
TMUBMUSD10Y
2.894%
TMUBMUSD02Y
2.836%
GC00
+0.53%
BTCUSD
+0.79%
AMC
-0.15%
TSLA
+1.24%
GME
+0.92%
NIO
-1.66%
EVFM
-19.47%
AAPL
+1.62%
TWTR
+2.25%
AMZN
+3.15%
MULN
+5.88%
BABA
+2.04%

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Exactly how much bounce is left in this bear market?

Stocks are mostly higher on Tuesday, with China to thank for some of that as the
country announced the biggest easing in COVID travel requirements since about
March 2020.

China’s news may add to the sense that inflation has peaked, given the supply
constraints that the lockdown there has produced.


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That brings us to our call of the day from a well known voice on Wall Street,
Oaktree Capital’s founder Howard Marks, who says now’s the time for “bargain”
hunting follow the market’s selloff.

Marks is best known for his lengthy investment letters, and warnings. In early
May he cautioned over bull-market excess, which seems as prescient as his
similar year-earlier warning.

“Today I am starting to behave aggressively,” he told the Financial Times in an
interview. “Everything we deal in is significantly cheaper than it was six or 12
months ago.”



Read: Citigroup cuts S&P 500 target for this year by 500 points to 4,200

The manager said now seems like a “reasonable time to start buying,” noting
lower prices for such assets as high-yield bonds, mortgage-backed securities and
leveraged loans. Oaktree specializes in alternative investment strategies.

“Things may well go lower. In that case, I hope we’ll have the will to buy more.
It makes no sense to say: “I’m not going to buy until we reach bottom.” We never
know when we’re at the bottom, and certainly I’m not saying we are today,” Marks
said.

The past year saw him pushing for more defensive investing, as he expected
interest rates would go up, pushing asset prices lower.



He had a particular warning for investors, lulled into complacency by a long
bull market, and taking risks without considering the downside. “And they push
into new areas that they have never been in before,” such as private assets,
where he warns that when withdrawals are hitting an “illiquid market with
declining values, those funds melt down.”

Bargain hunting does not include bitcoin and other cryptocurrencies, as he says
“assets that don’t have cash flow don’t have intrinsic value.” Whether the young
enthusiasts or the older doubters are right should be decided in about 10 years,
he said.

THE BUZZ

Airlines and other China-related travel stocks surged, with travel-booking group
Trip.com TCOM, +1.24% up 22%, after the government cut COVID quarantine rules
for foreign travelers from 21 to 10 days.


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Nike NKE, -1.00% shares slipped after the sportswear maker posted
forecast-beating earnings but gave a cautious outlook.

The G-7 has ended its meeting, pledging support for Ukraine as long as needed
and said they would explore steps to cap Moscow’s war-supporting income from oil
sales.

CVS CVS, +1.38%,   Walmart  WMT, +0.86% and Rite Aid  RAD, +1.63% have been
limiting purchases of morning-after pills amid high demand following the Supreme
Court ruling stripping the constitutional right to abortions. Instagram and
Facebook META, -0.76% have been taking down posts offering those pills.

On the data front, trade in goods data is due ahead of the open, followed by the
S&P Case-Shiller home price index and consumer confidence. We’ll also hear from
Richmond Fed President Tom Barkin early and San Francisco Fed President Mary
Daly.

The Securities and Exchange Commission has fined Ernst & Young a record $100
million for employees cheating on CPA ethics exams.

THE MARKETS



Stock futures ES00, -0.12% YM00, -0.15% NQ00, -0.08% are rising, with oil prices
CL.1, +0.08% BRN00, -0.04% also on the rise. Treasury yields TMUBMUSD10Y, 2.894%
TMUBMUSD02Y, 2.836% are gaining and gold GC00, +0.53% is getting bid higher.
Over in the crypto space, bitcoin BTCUSD, +0.79% is lower, holding just under
$21,000.

THE CHART

Here’s one of the reasons investors have been a little more optimistic lately —
an easing in commodity prices (for now at least). Chart from Peak Trading
Research:


Peak Trading Research

TOP TICKERS

These were the top-searched stock-market tickers on MarketWatch as of 6 a.m.
Eastern Time:

Ticker Security name AMC, -0.15% AMC Entertainment TSLA, +1.24% Tesla GME,
+0.92% GameStop NIO, -1.66% NIO EVFM, -19.47% Evofem Biosciences AAPL, +1.62%
Apple TWTR, +2.25% Twitter AMZN, +3.15% Amazon MULN, +5.88% Mullen Automotive
BABA, +2.04% Alibaba

RANDOM READS

“A cackle that crashed rooms.” NYT’s journalist’s funny, touching obituary for
her mom goes viral.

Emergency rescues in the Spanish seas will cost you.

Is love blind? Check out the responses to this tweet:



Need to Know starts early and is updated until the opening bell, but sign up
here to get it delivered once to your email box. The emailed version will be
sent out at about 7:30 a.m. Eastern.

Want more for the day ahead? Sign up for The Barron’s Daily, a morning briefing
for investors, including exclusive commentary from Barron’s and MarketWatch
writers.


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MARK ZUCKERBERG ISSUES DIRE ECONOMIC WARNING TO META EMPLOYEES

‘IT COULD BE THE DIFFERENCE BETWEEN AN APPROVAL AND DENIAL’: EXPERIAN, EQUIFAX
AND TRANSUNION REMOVE FULLY-PAID MEDICAL DEBT FROM CREDIT REPORTS. WILL THIS
HELP YOUR CREDIT SCORE?

THE CITIES WHERE HOUSING COSTS ARE LIKELY TO DROP: ‘WE’VE SQUEEZED A DECADE OF
HOME-PRICE APPRECIATION INTO A YEAR AND A HALF’

3 SECTORS TO WATCH THAT ARE FAVORED BY HIGH-NET-WORTH INVESTORS

‘I WOULDN’T BE SUCCESSFUL AT MY JOB WITHOUT HER’: MY FRIEND CLEANS, COOKS AND
CARES FOR MY CHILD. I PAY HER $50 A DAY. AM I TAKING ADVANTAGE OF HER?


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READ NEXT


READ NEXT


BARRON'S: THE 8 BEST BARGAINS IN THE STOCK MARKET NOW

Shares of home builders and steel makers sell for two to four times earnings.
There are plenty of bargains in both groups.


MORE ON MARKETWATCH

 * BlackRock Inc. stock underperforms Friday when compared to competitors
   despite daily gains
 * Forget the 1970s — this market is drawing comparisons to the 1870s
 * Crypto hedge fund Three Arrows files for U.S. bankruptcy
 * Barron's: Tesla Just Had Its Best Production Month Ever. June Bounced Back
   From Covid Lows.


ABOUT THE AUTHOR

Barbara Kollmeyer


Barbara Kollmeyer is based in Madrid, where she leads MarketWatch's pre-markets
coverage of financial markets and writes the Need to Know column. She has worked
in London and Los Angeles for MarketWatch previously. Follow her on Twitter
@bkollmeyer.



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