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

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

During his recent discussion with the team at OakTree, Howard Marks explains why the classic killer in investing is to borrow short to lend long. Here’s an excerpt from the discussion: In my experience there are certain things that tend to produce most of the meltdowns we see. One is … Read More

In this interview with Chosun Ilbo, Howard Marks explains why waiting for the bottom to buy is a terrible idea. Here’s an excerpt from the interview: Marks: I don’t believe that we can say oh that’s cheap, that’s not cheap with certainty, all we can say for sure is that … Read More

In his latest memo titled – The Illusion of Knowledge, Howard Marks explains why macro-forecasting is not helpful, and why it’s ok to say “I Don’t Know!”. Here’s an excerpt from the memo: “Confident” is the key word for describing members of this school. For the “I don’t know” school, … 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