Forget Bitcoin And Gold, Says Investment Guru Howard Marks — High-Yield Bonds Offer Better Haven In Post-Easy Money Era
Forget Bitcoin And Gold, Says Investment Guru Howard Marks — High-Yield Bonds Offer Better Haven In Post-Easy Money Era
Howard Marks, the co-founder of Oaktree Capital Management, has expressed his skepticism about the intrinsic value of both Bitcoin (CRYPTO: BTC) and gold. He has also suggested a safer investment option in the current market environment.
橡樹資本管理公司的聯合創始人霍華德·馬克斯對比特幣（加密貨幣：BTC）和黃金的內在價值表示懷疑。他還提出了在當前市場環境下更安全的投資選擇。
What Happened: As reported by Bloomberg on Thursday, in a recent interview with Merryn Somerset Webb on the Merryn Talks Money podcast, Marks compared Bitcoin and gold, stating that both assets lack intrinsic value.
發生了什麼：據彭博社週四報道，馬克斯最近在Merryn Talks Money播客上接受梅林·薩默塞特·韋伯採訪時比較了比特幣和黃金，稱這兩種資產都缺乏內在價值。
"Gold is a little more tried and true, but it also lacks any kind of analytical raison d'etre," Marks said,
馬克斯說：“黃金更久經考驗，更真實，但它也缺乏任何分析存在的理由，”
Oaktree Capital Management, established in 1995 as a distressed debt specialist, currently manages approximately $180 billion in assets.
橡樹資本管理公司成立於1995年，是一家不良債務專家，目前管理着約1800億美元的資產。
See Also: Guns And Weed: South Dakota House Passes Bill Forcing Cannabis Shops To Warn Customers Of Fed Firearms Ban
另見：槍支和大麻：南達科他州衆議院通過法案，迫使大麻商店警告顧客注意聯儲局的槍支禁令
Marks believes that the investment environment has undergone a "sea change" and that a return to the world of 0% interest rates is unlikely in the foreseeable future. Instead of Bitcoin or gold, Marks suggests that investors consider a high-yield bond fund.
馬克斯認爲，投資環境發生了 “鉅變”，在可預見的將來不太可能重返0％的利率世界。馬克斯建議投資者考慮使用高收益債券基金，而不是比特幣或黃金。
"Fixed income securities offer substantial yields today, and the return or yield on a fixed income security is virtually, by definition, safer," he said.
他說：“固定收益證券今天提供了可觀的收益率，顧名思義，固定收益證券的回報率或收益率實際上更安全。”
Why It Matters: Marks' views on the investment environment are consistent with his previous warnings about the potential dangers of a return to a low-interest-rate environment. In a memo earlier this month, Marks cautioned against the detrimental investment behavior that could be fostered by a return to the low-interest rate environment seen between the Great Financial Crisis and the pandemic outbreak.
爲何重要：馬克斯對投資環境的看法與他先前關於重返低利率環境的潛在危險的警告一致。在本月早些時候的一份備忘錄中，馬克斯警告說，重返大金融危機和疫情爆發之間的低利率環境可能會助長這種不利的投資行爲。
He attributed this to the Federal Reserve's 'activist' approach, which involves pumping liquidity to avert potential problems. Despite expectations of the Federal Reserve slashing interest rates again, Marks warned against expecting near-zero rates, underlining the problems that arose from the easy-money era before the pandemic.
他將其歸因於聯儲局的 “激進主義” 方針，即注入流動性以避免潛在問題。儘管預計聯儲局將再次削減利率，但馬克斯警告說，不要預期利率接近於零，這突顯了疫情前寬鬆貨幣時代產生的問題。
Read Next: Trader Turns $5,000 Into $1.8 Million In 1 Month With $WIF: 'I Am At A Loss For Words'
繼續閱讀：交易者使用$WIF在1個月內將5,000美元變成180萬美元：“我不知所措”
Image via Shutterstock
圖片來自 Shutterstock
Engineered by Benzinga Neuro, Edited by Pooja Rajkumari
由 Benzinga Neuro 設計，編輯者 Pooja Rajkumari
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
基於GPT-4的Benzinga Neuro內容生成系統利用廣泛的Benzinga生態系統，包括原生數據、API等，爲您創建全面而及時的故事。了解更多。