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: One Thing That Makes Great Investors Great
Here’s a great interview with Howard Marks from his own series called – The Marks Investor Series. In this Q&A session Marks discusses what makes great investors great. Here’s an excerpt from that interview: I think we can lump the explanation under the heading of emotion. You mentioned Seth Klarman … Read More
Howard Marks: At Oaktree We Say, “Well Bought Is Half Sold.”
One of our favorite books from our list of 50 Of The Best Investing Books Of All Time is – The Most Important Thing: Uncommon Sense for the Thoughtful Investor, by Howard Marks. There’s one passage in particular in which Marks highlights the importance of buying at the right price without consideration … 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!
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
Howard Marks: Top 10 Holdings, New Buys, Sold Out Positions
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: Very Few Investors Consistently Know When A Stock Price Is Wrong, And By How Much, And In Which Direction
Howard Marks provides a great reminder in his 2001 shareholder letter that it takes a lot more than hard work for active managers to be successful in investing. He added that increasing the number of analysts to their firm does little to add value to their analysis saying: “I was … Read More
Howard Marks: The Route To Superior Performance Will Continue To Be Humans With Superior Insight
Howard Marks has just released his latest memo titled – Investing Without People. Marks also released a short video (below) which summarizes the memo saying: “If the day comes when intelligent machines run all the money, won’t they all see everything the same? Won’t they reach the same conclusions? Design … Read More
Howard Marks: The Greatest Formula For Long-Term Wealth Creation Is…
One of our favorite investing books here at The Acquirer’s Multiple is The Most Important Thing by Howard Marks. There’s one passage in particular in which Marks discusses how keeping ones ego in check is the greatest formula for long-term wealth creation. Here’s an excerpt from the book: The sixth … Read More
Howard Marks: The Two Main Risks In The Investment World
One of the best resources for investors are Howard Marks’ memos. One of our favorite memos here at The Acquirer’s Multiple is one he wrote called – Warning Signs in which Marks discusses the two main risks in the investment world. Here is an excerpt from that memo: For about … Read More
Howard Marks: “Extreme Predictions Are Rarely Right, But They’re The Ones That Make You Big Money”
One of the best resources for investors are Howard Marks’ annual memos. They provide a number of valuable investing insights for investors. One such example can be found in the 1993 missive titled – The Value of Predictions, or Where’d All This Rain Come From?. In this memo Marks discusses a … Read More
Howard Marks – Regardless Of The Current Market Conditions, Invest On The Basis Of Value And Its Relationship To Price
We’ve just been reading through Howard Marks’ latest memo – Latest Thinking. He makes a number of great points on current market conditions, possible future catalysts, and defensive versus aggressive investing. But the one take-away that stuck out for us is that regardless of current market conditions one should always … Read More
Howard Marks – Investors Are Like Those Drivers Changing Lanes Every Minute, Cutting Off Half The Cars On The Road
One of the best free resources for all investors are Howard Marks’ memos. Marks is the Co-Chairman of Oaktree Capital, which currently manages a portfolio valued at approximately $6.7 Billion. Since 1990 Marks has written 100+ memos which are full of valuable investing insights. One of our personal favorites here … Read More
Howard Marks – “A Hugely Profitable Investment That Doesn’t Begin With Discomfort Is Usually An Oxymoron..”
One of our favorite investing books here at The Acquirer’s Multiple is – The Most Important Thing: Uncommon Sense for the Thoughtful Investor, by Howard Marks. It’s a must read for all investors. One of our favorite pieces in the book discusses the importance of being contrarian in your investing approach … Read More
Marks on Taleb And The Self Inflicted Anxiety That Investors Create For Themselves
One of the best books ever written on investing is – Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets, by Nassim Taleb. Howard Marks recommended the book in this interview with 5 Good Questions, saying: “I like the book Fooled by Randomness by Nassim Nicholas Taleb. … Read More
Howard Marks – Most Great Investors Stick To An Approach Through Thick And Thin
I’ve just been reading the latest Graham & Doddsville newsletter which features Howard Marks. the Co-Chairman of Oaktree Capital. It’s a great interview with Mark’s in which he discusses his investing strategy, investor psychology, investing timeframes and how great investors stick to their approach through thick and thin. Here’s an … Read More
Howard Marks Interview – Nobody Knows What Will Happen Next – Finanz und Wirtschaft
Here’s a great in-depth interview with Howard Marks at Finanz und Wirtschaft. Marks talks about the current market environment, investor complacency, the lack of historical parallels, and says, “The people you want to follow in this world are the ones that encourage optimism at low valuation levels; those who say … Read More
Howard Marks Latest Memo: Yet Again?
Howard Marks has recently released his latest memo titled – Yet Again? In this memo Marks reflects on the response he received to his previous memo titled – There They Go Again…Again. Marks wrote the following about the response he received to his last memo: “There They Go Again . … Read More
Howard Marks – Eleven Ways To Avoid Pitfalls That Will Crush Your Performance
One of our favorite Superinvestors here at The Acquirer’s Multiple is Howard Marks. In his book, The Most Important Thing, Marks provides eleven lessons for avoiding pitfalls that will crush your portfolio’s performance. Here’s an excerpt from the book: The essential first step in avoiding pitfalls consists of being on the … Read More
Howard Marks – Passive Investors Surrender The Possibility Of Outperforming
Howard Marks recently released his latest memo titled, There They Go Again…Again. As usual it’s full of a number of great investing insights. One which struck a chord with me was his thoughts on the debate over active versus passive investing and the huge shift towards passive. Marks warns passive … Read More
Howard Marks – A Defensive Mindset Provides Above-Average Results With Below-Average Volatility
One of my favorite investing books is The Most Important Thing: Uncommon Sense for the Thoughtful Investor, by Howard Marks. The book includes passages from Marks’ memos to illustrate his investment philosophy. In Chapter 17 Marks provides a very simple example of the importance of developing a defensive mindset as an … Read More