In his recent memo “Is It a Bubble?” Howard Marks examines the speculative fervor surrounding artificial intelligence. He observes that “bubbles usually coalesce around new financial developments or technological progress” and notes that “newness plays a huge part in this. Because there’s no history to restrain the imagination, the future … Read More
Howard Marks’ Latest 13F: Inside Oaktree’s Highest-Conviction Equity Positions
The latest 13F filing from Oaktree Capital Management LP (Howard Marks) provides a clear look into how one of the world’s great credit investors positions his equity book. While Marks is best known for distressed debt, high-yield bonds, and cycle analysis, Oaktree’s equity holdings reveal a consistent pattern: deep-value cyclicals, … Read More
Howard Marks: There’s Much Less Than 100% Probability That Investing In Any Given AI Company Or Sector Today Will Be Profitable
In a recent interview with Global Money Talk, Howard Marks reflected on his 35 years of writing investment memos, beginning with a simple belief: “I thought I had an interesting story to tell.” That story, from his very first memo, highlighted a pension fund that achieved top performance through remarkable … Read More
Howard Marks: “The Worst of Loans Are Made in the Best of Times”
In his November 2025 Memo titled “Cockroaches in the Coal Mine,” Howard Marks once again examines how markets react to stress and how cycles of confidence and carelessness repeat. Quoting Jamie Dimon, he opens with a metaphor that captures investors’ current unease: “When you see one cockroach, there are probably … Read More
Howard Marks: U.S Learning to Live With a Real Rival
In his recent CNBC conversation Howard Marks reflected on a global landscape defined by rapid change and growing unpredictability. As he put it, “the global landscape is in transition.” What once felt like small policy differences between leaders has become far more consequential. “If we thought in the past the … Read More
Howard Marks: Market Timing Is The Hardest Thing In The World And Don’t Try It
Howard Marks joined the Master Investor Podcast to reflect on markets, cycles, and the principles that have guided his fifty-six-year career. He began by quoting Warren Buffett: “The less prudence with which others conduct their affairs, the greater the prudence with which we must conduct our own affairs.” Marks warned … Read More
Howard Marks Reflects on 35 Years of Memos
Howard Marks’s Memo – The Best Of… opens with a simple idea that defines his career: “long-term investment success is best achieved through a string of consistently good returns and an absence of poor years, rather than by aiming for brilliant successes, getting there in some years and flopping in … Read More
Howard Marks: The Difference Between Big V and Small v Value Investing
During his recent interview with CNBC, Howard Marks said, “there’s enthusiasm, there are high valuations,” he doesn’t believe the current market environment has reached the stage of mania. “The valuations are not crazy, high but not crazy. And when things are either high or low but not crazy, you can’t … Read More
Howard Marks: Equity Valuations Have Moved From “Elevated” to “Worrisome”
Howard Marks, in his September 2025 appearance in The Roundup, dissected what he called “worrisome equity valuations,” warning that the market’s surface strength masks deeper imbalance. “A bit over half of the S&P 500’s jaw-dropping 58% two-year total return in 2023-24 was attributable to the spectacular performance of just seven … Read More
Howard Marks: Mastering the Market Cycle Book Summary
In Mastering the Market Cycle, Howard Marks argues that while investors often focus on what will happen in the markets, a more productive approach is to understand where we stand in the various cycles that influence outcomes. He suggests that success comes not from predicting the future, but from recognizing … Read More
Howard Marks: Risk-bearing Is Not Guaranteed To Produce A Better Outcome
In his talk at The Church, Howard Marks laid out foundational investment principles, beginning with a healthy skepticism toward market efficiency. “The other people aren’t idiots,” he stated, explaining that the collective actions of intelligent, motivated investors cause securities to trade near their fair value. This efficient market hypothesis, while … Read More
Howard Marks: Investors Should Move To DEFCON 2
In a recent interview on the WONK Podcast, investing legend Howard Marks provided a clear-eyed assessment of the current market landscape, marked by a peculiar and persistent disconnect. “The S&P 500, which is our main gauge of the stock market, was considered expensive given its valuation level at the end … Read More
Howard Marks: Fewer Losers Not More Winners
In a recent appearance on the podcast My First Million, legendary investor Howard Marks offered a powerful reminder that the greatest risks in investing stem from investor behavior, not from the securities themselves. This is captured in his warning: “The riskiest thing in the world is the belief that there’s … Read More
Howard Marks’ Top 5 Positions Represent 43% Of The Total Portfolio
Howard Marks’ Oaktree Capital Management runs a $5.815 billion U.S. equity portfolio, with the top five positions alone representing 43.44% of assets. These holdings highlight Marks’ preference for contrarian, value-driven bets with asymmetric upside. Here’s Howard Marks’ top five positions: Torm PLC (TRMD) Value: $681.59 million Shares: 40,581,120 Portfolio Weight: 11.72% Change: No change … Read More
Howard Marks: Fewer Losers Not More Winners
In a recent appearance on the podcast My First Million, legendary investor Howard Marks offered a powerful reminder that the greatest risks in investing stem from investor behavior, not from the securities themselves. This is captured in his warning: “The riskiest thing in the world is the belief that there’s … Read More
Howard Marks: Why It’s Time to Put More Defense in Your Portfolio
Investors are grappling with a central question: why are asset prices so strong in the face of what many view as net negative developments? During his recent interview with Bloomberg, Howard Marks offers a clear perspective, noting that “stocks are expensive relative to what I call fundamentals or you might … Read More
Why Howard Marks Calls 2008 His Proudest Investing Moment
During his recent interview with the Trinity Student Managed Fund Podcast, Howard Marks discussed a number of topics drawn from decades of experience that reveal a philosophy rooted in discipline, patience, and a steadfast commitment to values. “We didn’t have a napkin,” Marks quipped, reflecting on OakTree’s humble beginnings. “We … Read More
Howard Marks: Why Long-Term Investors Must Rely on Skill, Not Chance
In his book Mastering the Market Cycle, Howard Marks dedicates an entire chapter to Cycle Positioning. He explains, “Successfully positioning a portfolio for the market movements that lie ahead is dependent on what you do (turning aggressive or defensive) and when you do it (based on a superior understanding of what cycles … Read More
Howard Marks Trims the Fat: Top 5 Biggest Stock Reductions
Each week, we unpack the latest high-conviction trades from legendary investors — revealing what they’re doubling down on, cutting loose, or quietly walking away from. In the most recent quarter, Howard Marks significantly reduced several positions in his public equity portfolio. These reductions may reflect a reassessment of risk, valuation, … Read More
Howard Marks: You Must Deviate from the Herd AND Be More Correct
In a recent conversation with India’s CFA Society, Howard Marks, the Oaktree Capital co-founder explained why successful investing requires equal parts discipline, patience, and the willingness to stand apart. Marks, whose memos have become required reading for investors worldwide, began with a reminder of how extremes distort judgment. “In investor … Read More