Here’s a great interview with Howard Marks from his own series called – The Marks Investor Series. In this Q&A session Marks discusses what makes great investors great. Here’s an excerpt from that interview: I think we can lump the explanation under the heading of emotion. You mentioned Seth Klarman and Stan Druckenmiller. These are two people that have been here … Read More
Howard Marks: At Oaktree We Say, “Well Bought Is Half Sold.”
One of our favorite books from our list of 50 Of The Best Investing Books Of All Time is – The Most Important Thing: Uncommon Sense for the Thoughtful Investor, by Howard Marks. There’s one passage in particular in which Marks highlights the importance of buying at the right price without consideration for the sell-side saying: “At Oaktree we say, “Well bought … Read More
Howard Marks: The Refusal To Catch A Falling Knife Is A Rationalization For Inaction. It’s Our Job To Catch Falling Knives. That’s How You Get Bargains!
Here’s a great interview (below) with Howard Marks at the Wharton School of the University of Pennsylvania (2018). Marks was asked his thoughts on distressed debt investing, margin of safety, and catching falling knives when evaluating prospective investments. Here’s his response: Marks: You know there’s only one intelligent form of investing and that’s to figure out what something’s worth and … Read More
Howard Marks: Top 10 Holdings, New Buys, Sold Out Positions
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 here at The Acquirer’s Multiple digging through these 13F-HR documents … Read More
Howard Marks: Very Few Investors Consistently Know When A Stock Price Is Wrong, And By How Much, And In Which Direction
Howard Marks provides a great reminder in his 2001 shareholder letter that it takes a lot more than hard work for active managers to be successful in investing. He added that increasing the number of analysts to their firm does little to add value to their analysis saying: “I was recently on a panel that was asked what gave our … Read More
Howard Marks: The Route To Superior Performance Will Continue To Be Humans With Superior Insight
Howard Marks has just released his latest memo titled – Investing Without People. Marks also released a short video (below) which summarizes the memo saying: “If the day comes when intelligent machines run all the money, won’t they all see everything the same? Won’t they reach the same conclusions? Design the same portfolios? And thus perform the same? What then will … Read More
Howard Marks: The Greatest Formula For Long-Term Wealth Creation Is…
One of our favorite investing books here at The Acquirer’s Multiple is The Most Important Thing by Howard Marks. There’s one passage in particular in which Marks discusses how keeping ones ego in check is the greatest formula for long-term wealth creation. Here’s an excerpt from the book: The sixth key influence is ego. It can be enormously challenging to remain … Read More
Howard Marks: The Two Main Risks In The Investment World
One of the best resources for investors are Howard Marks’ memos. One of our favorite memos here at The Acquirer’s Multiple is one he wrote called – Warning Signs in which Marks discusses the two main risks in the investment world. Here is an excerpt from that memo: For about a year, I’ve been sharing my realization that there are … Read More
Howard Marks: “Extreme Predictions Are Rarely Right, But They’re The Ones That Make You Big Money”
One of the best resources for investors are Howard Marks’ annual memos. They provide a number of valuable investing insights for investors. One such example can be found in the 1993 missive titled – The Value of Predictions, or Where’d All This Rain Come From?. In this memo Marks discusses a number of aspects of market forecasting. With particular emphasis on … Read More
Howard Marks – Regardless Of The Current Market Conditions, Invest On The Basis Of Value And Its Relationship To Price
We’ve just been reading through Howard Marks’ latest memo – Latest Thinking. He makes a number of great points on current market conditions, possible future catalysts, and defensive versus aggressive investing. But the one take-away that stuck out for us is that regardless of current market conditions one should always invest on the basis of value and its relationship to … Read More
Howard Marks – Investors Are Like Those Drivers Changing Lanes Every Minute, Cutting Off Half The Cars On The Road
One of the best free resources for all investors are Howard Marks’ memos. Marks is the Co-Chairman of Oaktree Capital, which currently manages a portfolio valued at approximately $6.7 Billion. Since 1990 Marks has written 100+ memos which are full of valuable investing insights. One of our personal favorites here at The Acquirer’s Multiple is the 2002 memo is which … Read More
Howard Marks – “A Hugely Profitable Investment That Doesn’t Begin With Discomfort Is Usually An Oxymoron..”
One of our favorite investing books here at The Acquirer’s Multiple is – The Most Important Thing: Uncommon Sense for the Thoughtful Investor, by Howard Marks. It’s a must read for all investors. One of our favorite pieces in the book discusses the importance of being contrarian in your investing approach but it’s not without some discomfort. Marks says: “A hugely profitable … Read More
Marks on Taleb And The Self Inflicted Anxiety That Investors Create For Themselves
One of the best books ever written on investing is – Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets, by Nassim Taleb. Howard Marks recommended the book in this interview with 5 Good Questions, saying: “I like the book Fooled by Randomness by Nassim Nicholas Taleb. I think it’s got some very very valuable ideas. Dealing … Read More
Howard Marks – Most Great Investors Stick To An Approach Through Thick And Thin
I’ve just been reading the latest Graham & Doddsville newsletter which features Howard Marks. the Co-Chairman of Oaktree Capital. It’s a great interview with Mark’s in which he discusses his investing strategy, investor psychology, investing timeframes and how great investors stick to their approach through thick and thin. Here’s an excerpt from the newsletter: Graham & Doddsville (G&D): You last spoke … Read More
Howard Marks Interview – Nobody Knows What Will Happen Next – Finanz und Wirtschaft
Here’s a great in-depth interview with Howard Marks at Finanz und Wirtschaft. Marks talks about the current market environment, investor complacency, the lack of historical parallels, and says, “The people you want to follow in this world are the ones that encourage optimism at low valuation levels; those who say “cool it”, when prices go higher and higher.” Here’s an … Read More
Howard Marks Latest Memo: Yet Again?
Howard Marks has recently released his latest memo titled – Yet Again? In this memo Marks reflects on the response he received to his previous memo titled – There They Go Again…Again. Marks wrote the following about the response he received to his last memo: “There They Go Again . . . Again of July 26 has generated the most response … Read More
Howard Marks – Eleven Ways To Avoid Pitfalls That Will Crush Your Performance
One of our favorite Superinvestors here at The Acquirer’s Multiple is Howard Marks. In his book, The Most Important Thing, Marks provides eleven lessons for avoiding pitfalls that will crush your portfolio’s performance. Here’s an excerpt from the book: The essential first step in avoiding pitfalls consists of being on the lookout for them. The combination of greed and optimism repeatedly … Read More
Howard Marks – Passive Investors Surrender The Possibility Of Outperforming
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
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
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
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