Howard Marks – Passive Investors Surrender The Possibility Of Outperforming

Johnny HopkinsHoward Marks Comments

Howard Marks recently released his latest memo titled, There They Go Again…Again. As usual it’s full of a number of great investing insights. One which struck a chord with me was his thoughts on the debate over active versus passive investing and the huge shift towards passive. Marks warns passive investors that with cap-weighted indexes, index buyers have no discretion … Read More

Howard Marks – A Defensive Mindset Provides Above-Average Results With Below-Average Volatility

Johnny HopkinsHoward Marks Comments

One of my favorite investing books is The Most Important Thing: Uncommon Sense for the Thoughtful Investor, by Howard Marks. The book includes passages from Marks’ memos to illustrate his investment philosophy. In Chapter 17 Marks provides a very simple example of the importance of developing a defensive mindset as an investor. This mindset means you can keep up in good … Read More

Howard Marks – The Poor Man’s Guide To Market Assessment

Johnny HopkinsHoward Marks Comments

One of my favorite investing books is The Most Important Thing: Uncommon Sense for the Thoughtful Investor, by Howard Marks. The book includes passages from Marks’ memos to illustrate his investment philosophy. In Chapter 15 Marks provides a very simple example of how to identify the current state of any market using what he calls his  – Poor Man’s Guide To … Read More

Howard Marks – The Performance of Stocks With P/E Ratios In The Twenties Is Likely To Be Single Digit

Johnny HopkinsHoward Marks Comments

Here’s a great piece by Howard Marks from his 2000 memo where he asks the bulls one question: What’s been the average performance of stocks bought at p/e ratios in the twenties? I don’t think the return has been in double digits. I’m not even sure it’s been positive! Here’s an excerpt from that memo: What Can Reasonably Be Expected … Read More

Howard Marks Says You Can Invest In The Worst Companies In America And Have A Good Experience

Johnny HopkinsHoward Marks Comments

As a value investor it’s important that you always assess the downside risk of your investments, prior to purchase. Famed investors Buffett and Klarman are always speaking about the ‘margin of safety’ espoused by the grandfather of value investing, Benjamin Graham. One of the best articles on assessing the risk of an investment in the stock market comes from Howard … Read More

Howard Marks – Anticipate – And Avoid – Pitfalls That Others Will Rue After The Fact

Johnny HopkinsHoward Marks Comments

With the stock market reaching all time highs, maybe it’s a good time to revisit Howard Marks’ memo of 2005 in which he discusses market trends being taken to excess – and the painful consequences that become clear in hindsight. Here’s an except from that memo: “The farther backward you can look, the farther forward you can see.” – Winston … Read More

Howard Marks Investor Series with Bruce Karsh

Johnny HopkinsHoward Marks Comments

The Howard Marks Investor Series at The Wharton School brings high-profile investors to campus to share their real-world, practical investment perspectives. In this installment, Howard Marks speaks with Bruce Karsh. Both are co-founders of Oaktree Capital Management. Here’s the interview:

Howard Marks: 7 Principles For Identifying Investment Opportunites

Johnny HopkinsHoward Marks Comments

Howard Marks is a modern day Superinvestor like Seth Klarman and Mohnish Pabrai. His memos provide investors with a great deal of insight on investing strategy. One of our favorites memos was an Addendum he added to his third quarter client letter in 1994 in which he provides seven principles for identifying investment opportunities. It’s a must read for all … Read More

Howard Marks And Joel Greenblatt: “I Think You And I Would Agree That People Are Nuts.” Time Favors The Rational.

Johnny HopkinsHoward Marks Comments

Earlier this year, Howard Marks and Joel Greenblatt came face to face at the inaugural Forbes and Shook Research Top Financial Advisor Summit in Las Vegas where it became apparent that their worldview is nearly identical. When speaking about the current market conditions the pair said, “Most people, including most people in the investment business, don’t have the ability to take advantage … Read More

Howard Marks – The Truth About Investing

Johnny HopkinsHoward Marks Comments

Oaktree Chairman Howard Marks did a great presentation earlier this month for the CFA Society in India called  – The Truth About Investing. While the presentation was fantastic, the audio quality is not 100%, nevertheless it’s a must watch for all investors. Most interesting was the awesome slideshow that Marks used to accompany the presentation. Some of my favorite quotes from … Read More

Howard Marks – Warns Investors to Invest When Optimism Is Low, Not High

Johnny HopkinsHoward Marks Comments

One of our favorite investors at The Acquirer’s Multiple – Stock Screener is Howard Marks. Howard Marks is Chairman and Co-Founder of Oaktree Capital Management, the world’s biggest distressed-debt investor. He’s known in the investment community for his “Oaktree memos” to clients which detail investment strategies and insight into the economy, and in 2011 he published the book The Most Important Thing: … Read More

Howard Marks – Don’t Abandon Time-Honored Disciplines, Here’s Why

Johnny HopkinsHoward Marks Comments

One of our favorite investors at The Acquirer’s Multiple – Stock Screener is Howard Marks. Howard Marks is Chairman and Co-Founder of Oaktree Capital Management, the world’s biggest distressed-debt investor. He’s known in the investment community for his “Oaktree memos” to clients which detail investment strategies and insight into the economy, and in 2011 he published the book The Most Important Thing: … Read More

Howard Marks – Investors Develop Amnesia In The Sharemarket – Here’s Why

Johnny HopkinsHoward Marks Comments

One of our favorite investors at The Acquirer’s Multiple – Stock Screener is Howard Marks. Howard Marks is Chairman and Co-Founder of Oaktree Capital Management, the world’s biggest distressed-debt investor. He’s known in the investment community for his “Oaktree memos” to clients which detail investment strategies and insight into the economy, and in 2011 he published the book The Most Important Thing: … Read More

Howard Marks – Random Thoughts on the Identification of Investment Opportunities

Johnny HopkinsHoward Marks Comments

(Image Source, CNBC, http://www.cnbc.com/2014/12/19/howard-marks-oil-prices-expose-debts-weaknesses.html. [Accessed 27 Feb. 2017]) One of our favorite investors at The Acquirer’s Multiple is Howard Marks. Howard Marks is Chairman and Co-Founder of Oaktree Capital Management, the world’s biggest distressed-debt investor. He’s known in the investment community for his “Oaktree memos” to clients which detail investment strategies and insight into the economy, and in 2011 he published … Read More

Howard Marks – The One Thing You Need To Be A Superior Investor

Johnny HopkinsHoward Marks Comments

One of our favorite investors at The Acquirer’s Multiple is Howard Marks. Howard Marks is Chairman and Co-Founder of Oaktree Capital Management, the world’s biggest distressed-debt investor. He’s known in the investment community for his “Oaktree memos” to clients which detail investment strategies and insight into the economy, and in 2011 he published the book The Most Important Thing: Uncommon Sense for … Read More

Howard Marks – The Most Important Thing In Investing Is…

Johnny HopkinsHoward Marks Comments

One of our favorite investors at The Acquirer’s Multiple is Howard Marks. Howard Marks is Chairman and Co-Founder of Oaktree Capital Management, the world’s biggest distressed-debt investor. He’s known in the investment community for his “Oaktree memos” to clients which detail investment strategies and insight into the economy, and in 2011 he published the book The Most Important Thing: Uncommon Sense for … Read More

Howard Marks – Psychology Is The Most Important Discipline In Investing

Johnny HopkinsHoward Marks Comments

One of our favorite investors at The Acquirer’s Multiple is Howard Marks. Howard Marks is Chairman and Co-Founder of Oaktree Capital Management, the world’s biggest distressed-debt investor. He’s known in the investment community for his “Oaktree memos” to clients which detail investment strategies and insight into the economy, and in 2011 he published the book The Most Important Thing: Uncommon Sense for … Read More

Howard Marks – The Broad Consensus of Investors is Almost Always Wrong

Johnny HopkinsHoward Marks Comments

In September of 2015, Howard Marks wrote a memo where he discussed one of the most important concepts in investing. It’s the paradox that exists because most investors think quality, as opposed to price, is the determinant of whether something’s risky. But high-quality assets can be risky, and low-quality assets can be safe. It’s just a matter of the price paid for … Read More

To Be Exceptional You Have To Be Different – Joel Greenblatt with Howard Marks (Video)

Johnny HopkinsHoward Marks, Joel Greenblatt Comments

For me, this is investing nirvana! Joel Greenblatt, the Managing Partner and Co-CIO of Gotham Asset Management being interviewed by Howard Marks, Chairman of Oaktree Capital Management L.P. Marks spends thirty two minutes interviewing Joel Greenblatt, the creator of the “Magic Formula”, an investing strategy that could be used by average investors to make money in the stock market. The interview took place at the Wharton School of … Read More

Oaktree’s Howard Marks Warns: Invest, But With Caution

Johnny HopkinsHoward Marks, Resources Comments

Last month I read a great article on Howard Marks where he warned investors about the current investing climate saying, “For the past five years my mantra with Oaktree has been move forward, but with caution”. He believes that the world is still suffering from the post traumatic stress of the global financial crisis. Howard Marks is of course the founder of the … Read More