In his recent interview with Howard Marks on Real Vision, Joel Greenblatt discussed the impact of interest rates on asset prices, whether this time is different, how accounting has not kept up-to-date with today’s business models, and the importance of maintaining a margin of safety. Here’s an excerpt from the … Read More
Howard Marks: The False Dichotomy of Value and Growth
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
Howard Marks Top 10 Holdings (Q3 2020)
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
Howard Marks: 5 Options For Pursuing High Returns In A Low Return World
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
Howard Marks: Comparing Today’s Tech Goliaths With The Nifty Fifty
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: Munger Wisdom – “It’s Not Supposed To Be Easy. Anyone Who Finds It Easy Is Stupid.”
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
Howard Marks: The Reason Stocks Are Absurdly Expensive Is Due To ‘Freeloading’ Passive Investing Strategies
In his recent interview with CFA Chile Howard Marks highlighted the impact that passive investing strategies are having on driving stock prices to absurdly expensive levels while also driving out active investors, which keep prices fair. Here’s an excerpt from the interview: When you see the way the markets have … Read More
Howard Marks: Understanding The Market Cycle Tells Investors What’s Likely To Happen Next
In his recent Real Vision interview Howard Marks discussed how understanding the market cycle can tell investors what’s likely to happen next. Here’s an excerpt from the interview: I think the the key to understanding the business cycle is… and the market cycle is that you know most behavior is … Read More
Howard Marks Memo: Uncertainty; And 8 Of The Best Quotes On Forecasting
Howard Marks has released his latest memo titled – Uncertainty, in which he discusses the uncertainty associated with investing and the difficulty of trying to forecast the future. Included in the memo are eight of the best quotes from some of the greatest minds on forecasting: We have two classes … Read More
Howard Marks: Lower Lows Ahead In The Stockmarket
In a recent interview with CNBC Howard Marks provided his thoughts on the short term future for the stock market saying: “We’re only down 15% from the all-time high of Feb. 19,” Marks, co-founder of Oaktree Capital Management, said Monday on CNBC’s “Halftime Report.” But “it seems to me the … Read More
Howard Marks Memo: Knowledge Of The Future
In Howard Marks’ latest memo he discusses the futility of trying to predict what’s likely to happen in the future in the world of investing saying: As I showed by using it again in last week’s memo, I was impressed by the observation of Marc Lipsitch, Harvard epidemiologist, that there … Read More
Howard Marks: Waiting For The Market Bottom Is Folly
Howard Marks has written yet another memo recently titled Calibrating in which he discusses his views on why investors should consider a change in their portfolio’s positioning over time, in response to what’s going on in the current environment saying: As the environment becomes more precarious, (with prices high, risk … Read More
Howard Marks: The Most Important Thing Is To Be Ready To Respond To And Take Advantage Of Declines
Howard Marks recently released a memo to his clients titled – Which Way Now, in which he discusses the bull and bear cases for the current environment, oil, and the government programs. He finishes his memo with the following quote: The most important thing is to be ready to respond … Read More
Howard Marks: No One Could Have Predicted This Black Swan But Should Have Been Prepared
Here’s a great discussion with Howard Marks and his team at Oaktree discussing the credit markets and relative value in today’s market. During the discussion Marks provides a key insight into what he’s been speaking about over the past few months which is while no one could have predicted this … Read More
Howard Marks: There Is Value Here, But When Do You Pull The Trigger?
Here’s a great short interview with Howard Marks speaking on CNBC in which he discusses the dilemma that ever investor faces in a falling market. When do you pull the trigger when you see stocks that look cheap? Here’s an excerpt from the interview: Q. What do you think is … Read More
Howard Marks: Latest Memo – Nobody Knows II, Coronavirus And It’s Impact On Markets
Howard Marks recently released his latest Memo titled – Nobody Knows II, in which he discusses his view on the coronavirus and its impact on markets saying: Over the last few weeks, I’ve been asked repeatedly for my view of the coronavirus and its implications for the markets. I’ve had … Read More
Howard Marks: Latest Activist Positions
As a new weekly feature here at The Acquirer’s Multiple, we’re going to take a look at the latest activist positions from some of our favorite superinvestors based on their latest 13D/13G filings. Activist investors like Warren Buffett, Carl Icahn, David Einhorn, Bill Ackman, Paul Singer, Howard Marks. John Paulson, … Read More
Howard Marks: Can You Strap Yourself In For The Long Term Regardless Of What Happens Tomorrow
During his recent interview on CNBC Howard Marks was asked his thoughts on investor psychology as the market briefly tumbled 1011 points due to coronavirus fears. Marks provided some great insights into the importance of thinking like an investor in periods of uncertainty. Here’s an excerpt from the interview: Scott … Read More
Howard Marks: One Of The Most Essential Ingredients In Investing Is The Ability To Look Stupid
In this interview with Shane Parrish on The Knowledge Project Podcast, Howard Marks provides some great insights into the importance of looking stupid in order to become a successful investor. Here’s an excerpt from the interview: Some people don’t get contrarian thinking. And one of the things I say is … Read More
Howard Marks: Latest Memo: You Bet!
We’ve just been reading Howard Marks’ latest memo titled – You Bet! in which he discusses an observation he made when he was seventeen after reading the book Decisions Under Uncertainty: Drilling Decisions by Oil and Gas Operators by C. Jackson Grayson, Jr. His observation was that you can’t tell … Read More