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WINNING

Howard Marks

Second-level thinking: buy quality when others panic, control risk

3Y
Total Return
+48.5%
3Y
Sharpe Ratio
0.83
3Y
Max Drawdown
-7.5%
3Y
Win Rate
51.0%
3Y
Alpha
-51.3%
3Y
Comp. Score *
0.21
Risk Parameters
Max Allocation13.8%
Stop Loss7.5%
Take Profit7.1%
Max DD Tolerance7.5%
Rebalancemonthly
Execution Guidance
Order TypeLimit
Entry RuleBuy 0.5% below market in uptrend.
TimingSAFE TO BUY. *
ScalingEnter in 3 tranches over 1-2 weeks.
Positions — Vol-Adjusted Sizing
SymbolActionVol Stop LossTake ProfitSizeLinks
HYG BUY 5% 3.8% below entry 3.5% above entry 27.5% TVYH
LQD BUY 6% 3.8% below entry 3.5% above entry 27.5% TVYH
BND BUY 5% 3.8% below entry 3.5% above entry 27.5% TVYH
PFE BUY 24% 7.6% below entry 7.1% above entry 13.7% TVYH
MSFT BUY 28% 8.9% below entry 8.3% above entry 11.7% TVYH
ABBV BUY 27% 8.4% below entry 7.9% above entry 12.4% TVYH
JPM BUY 25% 7.8% below entry 7.3% above entry 13.3% TVYH