Someone’s Making a Big Bet on a Border Wall

Steven M. Sears, StratiFi’s chief investment officer, recently focused on some of the key attributes of successful investing in a column that he wrote for Barron’s.

At a time when many investors are debating what happens next to the stocks, Sears
noted that endurance and risk management remain key in the long run, points that were made during a conversation between Michael Milken and Howard Marks.

In the interview, Milken, father of high-yield debt, and Marks, chairman of Oaktree Capital Management, discussed the importance of appreciating history in analyzing markets, and they offered some reminders of the importance of focusing on risk. Marks noted that it isn’t what you buy but what you pay that is important. Milken said he liked investing in great companies with the wrong capital structures.

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