Category Archive

In his recent interview on The Investors Podcast, Howard Marks discussed comparisons between the Nifty 50 and the FAANG stocks of today, and why there are no sure things in investing. Here’s an excerpt from the interview: In every market cycle we get to the point where people say you … Read More

In this interview with FGV Finance, Howard Marks highlights that while some investors might say, “we don’t invest in tech”, the reality is that you can’t invest in this world and say I ignore technology. Here’s an excerpt from the interview: Just because a company is a great company and … Read More

One of the best resources for investors are the publicly available 13F-HR documents that each fund is required to submit to the SEC. These documents allow investors to track their favorite superinvestors, their fund’s current holdings, plus their new buys and sold out positions. We spend a lot of time … Read More

In this presentation, Howard Marks discusses how to identify when the odds are against you. Here’s an excerpt from the presentation: What causes the losing tickets to outnumber the winning tickets in the bowl? In my opinion they’re things like this: A high level of investor optimism as I discussed. … Read More

In his latest memo titled – Thinking About Macro, Howard Marks provides his thoughts on macro-investing, inflation, the Fed, and gold. On the subject of macro forecasters he says: That brings me to the subject of forecasters’ track records, or rather the lack thereof. Back in the 1970s, an elder … Read More

In his book The Most Important Thing, Howard Marks discusses what happens in an investor’s psychology after buying a stock and it starts to drop in price. Here’s an excerpt from the book: Let’s say you figure out that something’s worth 80 and have a chance to buy it for … Read More

In his recent interview on the Invest Like The Best Podcast, Howard Marks discussed why investors need to take uncomfortable, idiosyncratic positions to achieve superior returns. Here’s an excerpt from the interview: Marks: Dave Swensen, who passed away recently, who ran the endowment at Yale with great effect for maybe … Read More

In his latest interview on the Q&A Speaker Series Event at Brown University, Howard Marks provides a great example of the changing landscape for value investors. Here’s an excerpt from the interview: There’s a great quote from Buffett he says, we are not growth investors or value investors we’re investors. … Read More

In his latest interview with Bloomberg, Howard Marks recommends investors look for opportunities in the downtrodden. Here’s an excerpt from the interview: Well I think that private markets are usually less efficiently priced. That is to say they have deviations of price from value usually more so than the public … Read More

In his recent interview on The Wall Street Lab Podcast, Howard Marks provided a great example of how to be a smart contrarian. Here’s an excerpt from the interview: Marks: Most people associate investing, high quality investing with scepticism. That is to say you don’t necessarily believe everything you’re told … Read More

In his latest interview with The Ivey Business School, Oaktree’s Howard Marks recalls the story of the time he was speaking with a famous value investor who did well in 1999, when value investors were getting crushed, and the lesson he took away from that meeting. Here’s an excerpt from … Read More

In his recent interview on The Korea Economic Daily Global Edition, Howard Marks discussed why he believes value investors should think bigger, and consider investing in fast growing companies. Here’s an excerpt from the interview: The essence of value investing is getting good value for your money. Now value investing … Read More

In his latest memo titled – 2020 in Review, Howard Marks discusses the extremes compiled in financial markets in 2020, and emphasises the point of the difficulty in finding good returns in the current environment without taking on additional risk and being lucky enough to do so in an environment … Read More

In his most recent memo titled – Something of Value, Howard Marks discusses the false dichotomy of value and growth investing, which is best summarized by his quote from Warren Buffett, “We don’t consider ourselves to be value investors. . . . Discounted cash proceeds is the appropriate way to … Read More

In his latest interview on The Howard Marks Investor Series with Finance Professor Chris Geczy, Howard Marks discussed a number of topics including his five options for pursuing high returns in a low return world. Here’s an excerpt from that interview: Marks: How do you pursue a high return in … Read More

In his latest memo titled – Coming Into Focus, Howard Marks included a great piece on comparing today’s tech goliaths with the Nifty Fifty. Marks makes the point that while the FAAMG’s may be larger, faster growing, and have greater growth potential than the Nifty Fifty, no one’s valuing them … Read More

Howard Marks recently released his latest memo titled – Time For Thinking – in which he discussed: The Current Health Crisis Failure To Fix It Not A Cycle What Shape Are We In The Markets And The Fed The Bull Case He also provided investors with some closing thoughts on … Read More