Oak Tree - What Do You Trade?

Howard marks: Investing means committing capital to assets based on well reasoned estimates of their potential, and benefiting from the results over the long term. Oak tree does not believe in the predictive ability required to correctly markets. We keep portfolios fully invested whenever attractively priced assets can be bought. Concern about the market climate may cause us to tilt toward more defensive investments or act more deliberately but we never move to raise cash. Clients hire us to invest in specific market niches, and we must never fail to do our job.