Monday, May 30, 2016


Oaktree’s Howard Marks touches on oil investments and social-media stocks at the London Value Investor Conference (LINK)
Howard Marks, co-chairman of Los Angeles–based Oaktree Capital Group , who appeared at the conference by video link, said he has taken the plunge and invested in oil-related assets. He also suggested that shares of social-media companies are too rich for the value crowd. 
Marks, addressing about 450 attendees at London’s Queen Elizabeth II Conference Centre, blamed lower interest rates for distorting valuations. “Lower base interest rates have made all assets relatively more attractive than they otherwise would have been,” he said. 
The manager said he doesn’t consider oil a value investment because it is impossible to calculate its intrinsic value. But he said he has made “oil-related investments,” which he wouldn’t specify, since January, when West Texas Intermediate, the U.S. benchmark crude, slipped below $30 a barrel. 
There was plenty of talk about emerging markets. James Montier, on the asset-allocation team at GMO, says they are genuinely cheap versus developed markets, especially after resources and financial stocks are stripped out. Jean-Marie Eveillard, formerly a portfolio manager at First Eagle Investment Management and now a board trustee, sees potential in India. “I am much more positive in the long term about India than I am about China,” he said. 
Investing By Design - by Chris Pavese (LINK)

The Afterlife of Polaroid [H/T @chriswmayer] (LINK)

Marc Andreessen on the Tim Ferriss podcast (LINK)

a16z Podcast: Trade, Commerce, Manufacturing, Immigration, & Cuba — with Penny Pritzker (LINK)

Farnam Street: 12 Things Lee Kuan Yew Taught Me About the World (LINK)

The Selfish Gene turns 40 (LINK)
Related book: The Selfish Gene
Book of the day [H/T Scott Adams]: Impossible to Ignore