The rate of return in 2022 surpassed that of Buffett, Howard Max Q3 holding Digest.

Of the global investment giants with more than $3.5 billion under management, two made positive returns in 2022, with Howard Marks leading the way with a return of 26.71 per cent.

With the recent disclosure of 13F, Howard Max's latest investment action has also surfaced.

Oak Capital Management is headquartered in Los Angeles. Oaktree Capital Management is a hedge fund with 310 clients and discretionary assets under management (AUM) of $147452182,548 (ADV form Nov 2, 2022). Their recently reported 13F documents for the third quarter of 2022 included $9108674000 in escrow 13F securities and 52.56 per cent of the top 10 shareholding concentration.

After graduating from Wharton, Howard Max joined Citibank in 1968 and began to learn to invest. He studied under Professor Siegel and followed the "Beauty 50" investment law, which invests in the 50 best and fastest growing companies in the United States at any cost.

From 1970 to 1972, many beautiful 50 shares traded at a price-to-earnings ratio of more than 80 times. Then, from 1973 to 1974, the share prices of US 50 companies plummeted rapidly. In the years that followed, the lowest valuation fell to single digits and the share price fell 60% to 80%.

Nifty-50 taught Howard Max a vivid lesson in investing at the beginning of his career, which made him think: "investing is not what you buy, but what you pay." Investment is not buying good things, but buying them at the right price. " Howard made a bold point: if you want to make a real fortune in the investment market, you can't follow the market trend. It is wrong for beginners to blindly "follow the trend". Can we win the market only by insisting on "reverse e-investment"?

Howard's latest opinion: staying still is the right strategy
The $Nasdaq (.IXIC) $index began to fall after hitting 16212.23 in November and rebounded after hitting a new low of 10888.83 on October 12, 2022. What the market is most concerned about is where the US stock market is now.

Max recently had a conversation with Sarah, a fund manager at SJP, a UK investment firm, about where US stocks are going. Howard made it clear that the US stock market is in the middle of the cycle and that it is the right strategy for securities prices to remain the same. Howard said frankly:

In the first half of 2021, many assets, such as technology stocks, green energy stocks and cryptocurrencies, were over-speculated by the market. People like those assets, but now they don't seem to like anything. At present, we do not see excessive speculation, the market is in a reasonable range. The market is no longer optimistic, but it is not yet a pessimistic moment. "
Howard points out that in his 53-year career, the market has entered the "moment of greed" only five times, but usually not in the trend of greed, but in the middle. The United States has experienced 17 recessions, two world wars, a Great Depression, several small wars, and several geopolitical conflicts.

Over the past 102 years, the s & p 500 has returned an average of more than 10% on an annualized basis. Therefore, in the face of the "most uncertain" environment, ups and downs occur from time to time, the economy will always usher in an upward trend, companies will always make profits, and the market will always rise. If you stick to long-term investments, you will benefit from these upward trends.

Don't try to buy or sell, adjust your goals often. Doing so will only complicate your portfolio. Since what happens in the next six and 12 months may not affect the next 10-30 years, I also encourage you to focus on work and family, rather than worrying about whether there will be a recession in the next 12 months.