Category Archive

In his latest memo titled – Thinking About Macro, Howard Marks provides his thoughts on macro-investing, inflation, the Fed, and gold. On the subject of macro forecasters he says: That brings me to the subject of forecasters’ track records, or rather the lack thereof. Back in the 1970s, an elder … Read More

In his book The Most Important Thing, Howard Marks discusses what happens in an investor’s psychology after buying a stock and it starts to drop in price. Here’s an excerpt from the book: Let’s say you figure out that something’s worth 80 and have a chance to buy it for … Read More

In his recent interview on the Invest Like The Best Podcast, Howard Marks discussed why investors need to take uncomfortable, idiosyncratic positions to achieve superior returns. Here’s an excerpt from the interview: Marks: Dave Swensen, who passed away recently, who ran the endowment at Yale with great effect for maybe … Read More

In his latest interview on the Q&A Speaker Series Event at Brown University, Howard Marks provides a great example of the changing landscape for value investors. Here’s an excerpt from the interview: There’s a great quote from Buffett he says, we are not growth investors or value investors we’re investors. … Read More

In his latest interview with Bloomberg, Howard Marks recommends investors look for opportunities in the downtrodden. Here’s an excerpt from the interview: Well I think that private markets are usually less efficiently priced. That is to say they have deviations of price from value usually more so than the public … Read More

In his recent interview on The Wall Street Lab Podcast, Howard Marks provided a great example of how to be a smart contrarian. Here’s an excerpt from the interview: Marks: Most people associate investing, high quality investing with scepticism. That is to say you don’t necessarily believe everything you’re told … Read More

In his latest interview with The Ivey Business School, Oaktree’s Howard Marks recalls the story of the time he was speaking with a famous value investor who did well in 1999, when value investors were getting crushed, and the lesson he took away from that meeting. Here’s an excerpt from … Read More

In his recent interview on The Korea Economic Daily Global Edition, Howard Marks discussed why he believes value investors should think bigger, and consider investing in fast growing companies. Here’s an excerpt from the interview: The essence of value investing is getting good value for your money. Now value investing … Read More

In his latest memo titled – 2020 in Review, Howard Marks discusses the extremes compiled in financial markets in 2020, and emphasises the point of the difficulty in finding good returns in the current environment without taking on additional risk and being lucky enough to do so in an environment … Read More

In his most recent memo titled – Something of Value, Howard Marks discusses the false dichotomy of value and growth investing, which is best summarized by his quote from Warren Buffett, “We don’t consider ourselves to be value investors. . . . Discounted cash proceeds is the appropriate way to … Read More

In his latest interview on The Howard Marks Investor Series with Finance Professor Chris Geczy, Howard Marks discussed a number of topics including his five options for pursuing high returns in a low return world. Here’s an excerpt from that interview: Marks: How do you pursue a high return in … Read More

In his latest memo titled – Coming Into Focus, Howard Marks included a great piece on comparing today’s tech goliaths with the Nifty Fifty. Marks makes the point that while the FAAMG’s may be larger, faster growing, and have greater growth potential than the Nifty Fifty, no one’s valuing them … Read More

Howard Marks recently released his latest memo titled – Time For Thinking – in which he discussed: The Current Health Crisis Failure To Fix It Not A Cycle What Shape Are We In The Markets And The Fed The Bull Case He also provided investors with some closing thoughts on … Read More

In his recent interview with CFA Chile Howard Marks highlighted the impact that passive investing strategies are having on driving stock prices to absurdly expensive levels while also driving out active investors, which keep prices fair. Here’s an excerpt from the interview: When you see the way the markets have … Read More

In his recent Real Vision interview Howard Marks discussed how understanding the market cycle can tell investors what’s likely to happen next. Here’s an excerpt from the interview: I think the the key to understanding the business cycle is… and the market cycle is that you know most behavior is … Read More

Howard Marks has released his latest memo titled – Uncertainty, in which he discusses the uncertainty associated with investing and the difficulty of trying to forecast the future. Included in the memo are eight of the best quotes from some of the greatest minds on forecasting: We have two classes … Read More

In a recent interview with CNBC Howard Marks provided his thoughts on the short term future for the stock market saying: “We’re only down 15% from the all-time high of Feb. 19,” Marks, co-founder of Oaktree Capital Management, said Monday on CNBC’s “Halftime Report.” But “it seems to me the … Read More