Howard Marks: The Great Investors Are Unemotional People

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Here’s a great excerpt from an interview that Howard Marks recently did with themarket.ch. During the interview Marks talks about the psychological aspects that make successful investors great saying, “Most of the great investors I know are unemotional people”. Here’s an excerpt from the interview: What about psychological aspects? The higher … Read More

Howard Marks: Top 10 Holdings Q1 2019

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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: Top 10 Holdings

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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: Avoiding All Losses Can Render Success Unachievable Almost As Readily As Can The Occurrence Of Too Many Losses

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In his 2014 memo – Dare To Be Great, Howard Marks says successful investing includes dealing with some losses saying: “To succeed at any activity involving the pursuit of gain, we have to be able to withstand the possibility of loss. A goal of avoiding all losses can render success … Read More

Howard Marks: Investors Should ‘Calibrate’ Their Portfolios To Include The Current Market Cycle

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We’ve just been listening to a great podcast with Meb Faber interviewing Howard Marks. Marks is discussing his new book – Mastering The Market Cycle, and he provides a great illustration of how investors can practically ‘calibrate’ their portfolios to include the current market cycle. Howard: You mentioned a memo … Read More

Howard Marks: 6 Classic Investment Mistakes That Every Investor Should Avoid

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In his 2006 memo titled ‘Pigweed’ Howard Marks provided investors with six classic investment mistakes that every investor should avoid using the real-life case study of hedge fund – Amaranth Advisors. Amaranth Advisors was an American multi-strategy hedge fund founded by Nicholas Maounis and headquartered in Greenwich, Connecticut. During its peak, the firm had up to … 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!

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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 … Read More