Howard Marks has navigated market cycles for decades, but his recent Bloomberg interview revealed even he finds today’s environment extraordinary. “This is the biggest change in the environment that I’ve seen probably in my career,” he says. The rapid shift from globalization to trade wars and tariffs has created unprecedented … Read More
Howard Marks: How Investing Psychology Creates Market Bargains
Howard Marks makes a pretty simple but powerful point in The Most Important Thing: bargains don’t come from things everyone loves. They come from things people are scared of, don’t understand, or just ignore. As he puts it, “the necessary condition for the existence of bargains is that perception has … Read More
Howard Marks: Why Successful Investors Are Often Lonely
Let’s be honest—most people are terrible at investing. They follow the crowd, buy what’s already popular, and wonder why they never make real money. Howard Marks nailed it in his memo Everyone Knows when he said, “Superior investors know—and buy—when the price of something is lower than it should be.” … Read More
Howard Marks: How to Overcome Fear and Greed in Investing
As someone who’s been investing for many years, I’ve realised that investing is a psychological battlefield, where the hardest decisions are rarely about numbers and valuations—they’re about emotions. Howard Marks captures this dilemma perfectly in The Most Important Thing, where he reflects on the tech bubble and the 2008 financial … Read More
Howard Marks: The Art of Holding
If you’re like me, one of the things I often struggle with is the question of when to sell. The instinct to lock in gains when something is up, or to cut losses when something is down, feels natural. But as Howard Marks recently explained on The Money Maze Podcast, … Read More
Howard Marks: Why History Always Rhymes In Markets
Howard Marks is one of the most insightful voices in investing. He recently spoke at Moneycontrol GWS 2025, discussing market behavior, cycles, and investor psychology. His reflections are a reminder that while the specifics of history change, human behavior remains remarkably predictable. As he quoted Mark Twain, “Well, of course, … Read More
Howard Marks: Why Credit is a Better Bet Than Stocks Right Now
Many investors love to argue over where the best returns will come from—stocks or bonds? Historically, equities have been the go-to for long-term growth, but right now, credit offers a compelling case that’s hard to ignore. In his recent memo, Gimme Credit, Howard Marks makes a strong argument that, at … Read More
Uncomfortably Idiosyncratic: Howard Marks on Smart Investing
In the latest episode of Behind the Memo, legendary investor Howard Marks shared his wisdom on navigating market cycles, particularly during speculative bubbles. His insights serve as a crucial reminder for investors: true success comes from independent thinking and resisting the herd mentality. One of Marks’ most striking points is … Read More
Howard Marks: Why Risk Is Perverse
Risk is often misunderstood, not because it is complicated, but because it defies intuition. As Howard Marks explains in his discussion on the character of risk, “risk is counterintuitive” and “risk is perverse.” The way we perceive risk can often be the exact opposite of reality, leading investors, policymakers, and … Read More
Howard Marks: The Investor’s Dilemma: Emotion, Uncertainty, and the Path Forward
Investing, at its core, is not just about financial analysis or understanding market trends—it’s about managing emotions. As Howard Marks aptly put it during a fireside chat at Global Alts Miami 2025, “You can’t be a good investor if your emotions dominate you because then you’ll make the same mistakes … Read More
Howard Marks on Being a Battlefield Hero in the Investing World
In this interview with Guy Spier, Howard Marks reflects on his approach to investing, stressing emotional discipline and statistical thinking. He avoids overexposure to individual investments, ensuring that no single success or failure defines his performance or self-perception. During crises like the Global Financial Crisis or Long-Term Capital meltdown, Marks … Read More
Howard Marks: When Something Is On The Pedestal Of Popularity, Risk Of Decline Is High
In his latest memo titled – On Bubble Watch, Howard Marks discusses how bubbles, while often grounded in a kernel of truth, lead to excessive valuations fueled by optimism, FOMO, and a belief that prices can’t fall. He reflects on past bubbles, such as the late ’90s internet mania and … Read More
Howard Marks: Adapt Your Portfolio to the Present, Not the Unknown
In his book, The Most Important Thing, Howard Marks explains that strategic decisions in various fields, such as driving, golfing, or dressing, are influenced by current conditions. Similarly, he argues that investment actions should reflect the present investing climate rather than uncertain future predictions. While many investors attempt to adjust … Read More
Howard Marks: In Investing It’s Really Easy To Be ‘Average’
In this fireside chat with the HKUST Business School, Howard Marks discussed the cyclical nature of markets, emphasizing that cycles are driven by excesses in psychology and behavior. He explained that an excess of positive psychology leads to unsustainable behavior above the trend line, which eventually corrects back, often overshooting … Read More
Howard Marks – Top 10 Holdings – Latest 13F
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: How to Take the Market’s Temperature
In his memo titled – Taking The Temperature, Howard Marks discusses the importance of “taking the temperature of the market” by observing patterns and cycles driven by investor psychology. Study market history to recognize that extreme optimism or pessimism often leads to corrections. Cycles stem from excesses, where strong movements are … Read More
Howard Marks: When Investors Are Practicing Suspension Of Disbelief, It’s Dangerous
During this interview with Real Vision, Howard Marks discusses the risks of excessive optimism in financial markets, emphasizing how imprudent behavior drives prices too high based on overly favorable expectations, creating a risky environment. He recounts the distressed debt opportunities in 2002 following the telecom meltdown and scandals, which presented … Read More
Howard Marks: What Warren Buffett Taught Me About ‘Desirable’ Information
In this presentation to Banco March, Howard Marks discusses the futility of predicting the future in investing, noting that most investors cannot accurately forecast macroeconomic factors like markets, currencies, or interest rates. He highlights quotes from John Kenneth Galbraith, Amos Tversky, and Mark Twain to stress the dangers of acting … Read More
Howard Marks: Second-Level Thinking Separates Good Investors from Great Ones
In this interview with Global Money Talks, Howard Marks reflects on key investment lessons he learned early in his career. In the 1970s, he realized that no asset is so exceptional that it justifies an unlimited price. Regardless of quality, every asset has a fair value, and overpaying can lead … Read More
Howard Marks: 2 Reasons Exiting the Market Will Cost You Big
During his recent interview with Bloomberg, Howard Marks discusses the importance of distinguishing between high and overpriced markets, suggesting that valuations should guide whether investors adopt a defensive or aggressive approach. He advises against making drastic decisions, like exiting the market entirely, as it often leads to missed opportunities. Marks … Read More