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The hit of shares of asset managers and other companies that were raised in Nvidia on Monday shows “the irrationality of the markets,” says Howard Marks of Milliardaire disturbed debt investors.
The co -founder of the Investment company Oakttree, which is based on Tuesday 205 billion in assets, said it was unusual that the AI-controlled sale The previous day, which was triggered by progress from China’s Deepseek, a wide group of other companies, including the Brookfield Asset Management, which has a majority stake in Oaktree, and competitors such as Apollo Global, KKR and Blackstone.
“If only lenses, clinical, not emotional investors looked Nvidia There would be no reason why yesterday’s news should put down all of these other things ” Markings At the Global Alts 2025 conference in Miami. “It only shows the spread of psychology and the irrationality of the markets at short notice.”
The Monday market tumult, which thrown almost 600 billion USD from the Nvidia market value and sent stocks of some of the largest asset managers at Wall Street Lower, arranged at the beginning of the annual Global Alts conference, which has called many heavyweights from the Hedge fund. Many have heavily put on the chip manufacturers who supply them with electricity AI revolutionYour portfolios have been strong in growth in recent months.
“It happens in a bubble,” said Marks. “Basically everything swings towards optimism and greed and risk tolerance, but basically we should be afraid of losing money, our own and our customers. But bubbles go to where they go because (fear of missing) of the fear of losing money. “
Many of the giants of the asset management industry have greatly forced the needs of the burgeoning AI complex to invest in real estate to accommodate computers and servers, the supply companies that participate in these data companies and exceed loans to AI companies and chipmacher.
The perspective of Marks is mainly observed in Wall Street by its sporadic customers who have received a broad supporter. His memo called “Bubble.com” in January 2000 threw him into the spotlight. In it he said there was an “overwhelming” case for “an overheated, speculative market for technology, internet and telecommunications shares”.
Marks’s comments on Tuesday followed a speech by the head of the US HEDGEGONS Branches Lobby Group The Managed Funds Association, which made an optimistic tone over the new Donald Trump administration and against the former chairman of the securities and stock exchange commission, Gary Gensler , it was proposed that the rules proposed the regulation of regulation of private equity and hedge funds.
But Marks told the participants that Trump was far less certainty and that many of the guidelines that the new administration pushed were “in conflict with each other”.
“I don’t know if the members of the administration can predict what they will do in a year. I definitely know that I can’t, ”he said. “I don’t think they could spend a common thread that goes through these activities except for a dislike of the establishment.”
