Category Archive

In his latest memo titled – What Really Matters?, Howard Marks explains why ‘asymmetry’ matters most when it comes to investing. Here’s an excerpt from the memo: What matters most?  Asymmetry. In sum, asymmetry shows up in a manager’s ability to do very well when things go his way and … Read More

During his recent interview with SJP, Howard Marks explained why it’s important to lean against the excesses of investor psychology to be a successful investor. Here’s an excerpt from the interview: Marks: You mentioned contrarianism. Contrarianism is very important and basically what it consists of is understanding the excesses of … Read More

During his recent interview with Bloomberg Línea, Howard Marks explained why you don’t make money buying and selling, you make money by holding. Here’s an excerpt from the interview: Marks: I’m not a psychiatrist. But I think that first of all, establish that as a goal. Secondly, recognize when you’re … 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 Q32022 Roundup, Howard Marks explains why blanket advice to buy or sell isn’t very useful. Here’s an excerpt from the roundup: Marks: Determining the appropriate risk posture for a given point in time is more complex than most people think. There can’t be a right answer for … Read More

In this interview with Yicai Global, Howard Marks explains why this recession won’t last long. Here’s an excerpt from the interview: Marks: Within the bounds of my limitations on forecasts Ivan I would say probably yes. As I just finished saying the Fed is trying to weaken the economy to … Read More

In his recent interview with the Acquired Podcast, Howard Marks discussed the investor’s dichotomy. Here’s an excerpt from the interview: Marks: You know, this points out a dichotomy in investing, or maybe a conundrum of which there are so many. Because what we just talked about was it’s important to … Read More

In his recent Oakmark Insights Live interview, Howard Marks discussed the cardinal sin of investing. Here’s an excerpt from the interview: Marks: I really believe, and I’ve said a million times Anna, that getting out at the bottom, and failing to get in, as you say, is the cardinal sin … Read More

In his recent interview with CNBC, Howard Marks explains why investors should search for bargains in the ‘uninvestable’ pile. Here’s an excerpt from the interview: Marks: I made my career based on things other people wouldn’t do. Today China is described as ‘uninvestable’. Forty five years ago, high-yield bonds were … Read More

In his latest podcast, Howard Marks explains what you should do when the stock you sold continues to skyrocket. Here’s an excerpt from the podcast Marks: So let’s say there’s some stock and it’s been rising like a rocket ship, and you think it’s been overdone. You think it’s crazy. … Read More

In his recent interview with Bloomberg, Howard Marks explained why investors should ignore macro forecasts. Here’s an excerpt from the interview: Marks: Yes it does but I don’t think there’s anything to be known on that subject [macro forecasts] and I’m sure we don’t know it. And another tenet of … Read More

In his latest memo titled – I Beg To Differ, Howard Marks explains why investing is like playing golf. Here’s an excerpt from the memo: The bottom line of the above is simple: You can’t hope to earn above average returns if you don’t place active bets, but if your … Read More

In his recent interview with S&P Global Ratings, Howard Marks answers the question on whether investors should buy the dip. Here’s an excerpt from the interview: Marks: So the answer is we are reducing our defensiveness, increasing our aggressiveness. Does that mean we’re at the bottom? Absolutely not. I don’t … Read More

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