Oaktree Capital is the world's largest non-performing asset investment institution, with assets under management of up to 140 billion U.S. dollars. Its founder, Howard Marks, is known as the "king of distressed asset investment" and successfully predicted the technology stock crash in 2000 and 2008 Subprime mortgage storm. Marx regularly writes memos to share his financial insights, and even Buffett has publicly stated that it is his must-read article.
Last Monday (1/11), Marks issued a memo titled "Something of Value", specifically mentioning his son Andrew Marks and thanked him for buying Bitcoin for the family and allowing the whole family ABLE to obtain a "substantial asset"; at the same time, he said that he is still skeptical of cryptocurrency, but he is humbly learning.
In the conversation with Andrew, Marx realized that in today's society, focusing on "value" investment is not as effective as before, and innovative thinking will be an important part. Andrew Marks specializes in investing in growth companies, especially in the field of technology.
Marks admitted frankly that when talking about Bitcoin with his son, they have very different views, and Marks was skeptical of Bitcoin. He said that the natural state of value investors is skepticism. Whenever they hear the statement that "this time is different," value investors will be discussed with the history of speculative fanaticism and financial history, and that is the skepticism that reduced their odds.
Under this premise, cryptocurrency is a financial product that traditional financial leaders such as Marks would prefer to keep out of the door.
But Marks, who is 75 years old, seems to have changed his mind about cryptocurrency after arguing with his son. Marx admits that he belongs to natural conservatism and believes that cryptocurrency is a speculative financial product. He bluntly said that his skepticism towards cryptocurrency has not changed.
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