Category Archive

In this interview with Nicola Wealth, Howard Marks discusses the cardinal sin of investing. Here’s an excerpt from the interview: Marks: That’s a really good observation. First of all the worst single thing you can do as an investor, and there are many ways to make mistakes, and there are … Read More

During this interview on The Investor’s Podcast, Howard Marks was asked whether AI will replace human investors. Here’s an excerpt from the interview: Marks: I just don’t think so! This is this is an art form. We have thousands of people with high intelligence try to do these things and … Read More

During this interview at the 2023 Value Investing Conference, Howard Marks discussed the one way to forecast. Here’s an excerpt from the interview: Marks: One of the most insightful questions that I get, and I’ve gotten it a few times since writing that memo, is you make investment decisions with … Read More

During his recent interview at Real Estate Luminaries 2023, Howard Marks explained why there will be significant losses throughout the economy. Here’s an excerpt from the interview: Marks: People are gonna lose money, because when Bob talks about it requiring a half a trillion of equity capital to reequitize the … Read More

In his latest memo titled – Lessons From Silicon Valley Bank, Howard Marks discusses moral hazard and the ‘Greenspan Put’. Here’s an excerpt from the memo: One problem with government solutions of any kind – like the so-called “Greenspan put” – is the possibility that they’ll generate moral hazard.  That … Read More

During his recent interview with The Investor’s Podcast, Howard Marks explained why this decline in interest rates was the biggest single event in the last 45 years. Here’s an excerpt from the interview: Marks: I believe there’s a couple things worth noting. Number one, I think that this decline in … Read More

During this interview with Talks at GS, Howard Marks explained why AI will never become as good as Warren Buffett. Here’s an excerpt from the interview: Marks: I wrote a memo called ‘Investing Without People’ in which I talked about what will happen with AI and so forth and machine … Read More

During the CFA’s Distinguished Speaker Series 2023, Howard Marks explained why when the tide goes out we’ll find out who made good credit decisions. Here’s an excerpt from the interview: Marks: The private lending business came into existence sometime around 2011, ’07 I think there was about a quarter of a … Read More

In this interview with SJP, Howard Marks discusses how investors drive themselves nuts focusing on the short-term. Here’s an excerpt from the interview: Marks: The least important thing is the short run. Everybody’s obsessed with what is going to be inflation over the next six months. What will the Central … Read More

During his recent interview with the Asia Society, Howard Marks explained why a soft landing is extremely unlikely. Here’s an excerpt from the interview: Marks: It was a great investment sage called Peter Bernstein, and he wrote me once, that the market is not an accommodating machine, it will not … Read More

During this interview with BQ Prime, Howard Marks explained why companies should have to make difficult capital allocation decisions. Here’s an excerpt from the interview: Marks: Zero interest rates tend to keep companies alive that shouldn’t stay alive. One of the beauties of capitalism is that it’s Darwinian. It’s survival … Read More

During this recent interview with The University of Chicago Booth School, Howard Marks quotes Galbraith saying there’s nothing intelligent to be learned about managing money. Here’s an excerpt from the interview: Well, there’ll be a lot of things that you’ll learn in the investment business. then there’ll be a lot … Read More

During his recent interview with The Motley Fool, Howard Marks discussed which areas will benefit from the ‘New World Order’, and finding bargains in the ‘Uninvestable’. Here’s an excerpt from the interview: Marks: Well, it’s basically everything on the lending side of the equation. That’s one, so ranging from cash which … Read More

In his recent interview with The Market, Howard Marks explained why investors need stamina to resist the temptation of responding to short-term influences. Here’s an excerpt from the interview: In the memo I Beg to Differ I make the point that you have to do something different from others if you … 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

During this interview with BNN Bloomberg, Howard Marks discussed the right way to think about stocks. Here’s am excerpt from the interview: Marks: Well it doesn’t matter when the escalator is on the way up but when it stops going up, or when it goes down, and you have to … Read More

During his recent interview with Bloomberg, Howard Marks explains why investors should think in terms of risk/reward and not good idea/bad idea. Here’s an excerpt from the interview: Marks: After Milken and others arrived in 77-78, the new way of thinking was well it’s not a great company but the … Read More

During his recent interview with BQ Prime, Howard Marks explained why investors should consider lower risk investments in credit or debt. Here’s an excerpt from the interview: Marks: Most of my clients need seven percent returns, their pension funds or endowments, or insurance companies, or something like that, and they … Read More

In this interview with TV Tokyo, Howard Marks explains why investors who can control their emotions benefit from market swings. Here’s an excerpt from the interview: Marks: Einstein said that the definition of insanity is doing the same thing over and over and expecting different results. And if a forecaster … Read More

During this discussion at Talks At GS, Howard Marks explains why nothing in the investment business is certain. Here’s an excerpt from the interview: Marks: I have a lot of respect for Peter Bernstein. First of all it kind of goes without saying but I’ll say it anyway, you can’t … Read More