Category Archive

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

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

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 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

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

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 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 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

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

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 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

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

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

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

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