Category Archive

In his recent interview with Talks At GS, Howard Marks explains why successful investors have to take on uncomfortably idiosyncratic positions. Here’s an excerpt from the interview: Marks: David Swensen, who for 35 years ran the endowment at Yale, and did a bang-up job. And he wrote a book called … Read More

In his recent conversation with Panmure House, Howard Marks explained why an investor must do one of these two things to achieve superior results. Here’s an excerpt from the conversation: What are the things that can be the source of superior investing? It seems to me there are two: • … Read More

In his recent interview with the Market Mind Hypothesis Symposium, Howard Marks explained why there is no ‘economic machine’. Here’s an excerpt from the interview: Marks: In your last sentence about the two episodes [in history]… would limit me too much so if you don’t mind I’m gonna go way … Read More

In his interview earlier this year with Nikkei Money, Howard Marks explained why the most likely result will be a recession. Here’s an excerpt from the interview: Marks: The easy money policies of the central banks over the last global financial crisis have created strong economic growth in many parts … Read More

In his recent interview with Bloomberg, Howard Marks explains why investors should never wait for the market to get cheaper. Here’s an excerpt from the interview: Marks: One of the six tenets of Oaktree’s investment philosophy, which we established when we started in April of ’95 and have never changed … Read More

In his latest memo titled – Bull Market Rhymes, Howard Marks discusses investing lessons learned from the market trends in 2020-21. Here’s an excerpt from the memo: As always for students of investing, what matters most isn’t what events transpired in a given period of time, but what we can learn … 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 his recent presentation to the Wharton School, Howard Marks explains why you only find out who the good investors are during bad times. Here’s an excerpt from the presentation: Marks: I also believe that risk is hidden and deceptive. This is really important. Loss is what happens when risk, … Read More

In his recent presentation at The Wharton School, Howard Marks provides some great examples of proof that risk is counter-intuitve. Here’s an excerpt from the presentation: Marks: Now, let’s talk a little more about risk. I believe that risk is counter-intuitive. So they did an experiment in the town of … Read More

In his latest interview on the Wharton School Podcast, Howard Marks discussed U.S investment opportunities if the trend moves from globalization to dependable onshoring, as he believes it will. Here’s an excerpt from the interview: Marks: I think that if people want to create their own raw materials, or intermediate … Read More

In his latest memo titled – The Pendulum in International Affairs, Howard Marks’s connects two seemingly unrelated trends – Europe’s energy dependence and U.S. offshoring – to explain why the pendulum of companies’ and countries’ behavior may be swinging away from globalization and toward onshoring. Here’s an excerpt from the … Read More

In his recent interview on the Richer, Wiser, Happier Podcast, Howard Marks explains why the great investors he knows are unemotional about investing. Here’s an excerpt from the interview: Marks: Emotion is the greatest enemy of superior investing. If you take a look at most people in what they call … Read More

In his latest interview on the Youth Finance Summit, Howard Marks explains why its better to understand everything about 20 companies than the slightest bit about 400. Here’s an excerpt from the interview: Marks: Everything I’ve done has been on that basis and for the most part at Oaktree we … 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 his latest memo titled – Selling Out, Howard Marks provides a comprehensive discussion on the art of selling stocks. Here’s an excerpt from the memo: Aphorisms like “no one ever went broke taking a profit” may be relevant to people who invest part-time for themselves, but they should have … Read More

In his latest interview with InfoMoney, Howard Marks recommends that investors invest early, invest heavily, and stay in the market. Here’s an excerpt from the interview: I think the most important thing that I would stress for your listeners, or readers, or whoever they’re going to be is… the most … Read More

In his book – The Most Important Thing, Howard Marks discusses the problem with paying up for a popular stock. Here’s an excerpt from the book: If you make cars and want to sell more of them over the long term—that is, take permanent market share from your competitors— you’ll … Read More

In his latest interview at The Milken Institute Global Conference, Howard Marks described this latest cycle like a meteor hitting earth from outer space. Here’s an excerpt from the interview: Marks: We’re in an unusual circumstance. First of all the cycle we’ve gone through in the last 18 months of … Read More