In his November 2025 Memo titled “Cockroaches in the Coal Mine,” Howard Marks once again examines how markets react to stress and how cycles of confidence and carelessness repeat. Quoting Jamie Dimon, he opens with a metaphor that captures investors’ current unease: “When you see one cockroach, there are probably … Read More
Howard Marks: U.S Learning to Live With a Real Rival
In his recent CNBC conversation Howard Marks reflected on a global landscape defined by rapid change and growing unpredictability. As he put it, “the global landscape is in transition.” What once felt like small policy differences between leaders has become far more consequential. “If we thought in the past the … Read More
What Howard Marks Learned from a Pension Fund’s Approach to Risk
In his Memo – A Look Under the Hood, Howard Marks reflects on the experience of sitting in with a state pension board and its consultant, describing it as “very informative for me,” and a reminder of how vital it is that investment decisions “are done explicitly and intelligently.” Marks … Read More
Howard Marks: Market Timing Is The Hardest Thing In The World And Don’t Try It
Howard Marks joined the Master Investor Podcast to reflect on markets, cycles, and the principles that have guided his fifty-six-year career. He began by quoting Warren Buffett: “The less prudence with which others conduct their affairs, the greater the prudence with which we must conduct our own affairs.” Marks warned … Read More
Howard Marks Reflects on 35 Years of Memos
Howard Marks’s Memo – The Best Of… opens with a simple idea that defines his career: “long-term investment success is best achieved through a string of consistently good returns and an absence of poor years, rather than by aiming for brilliant successes, getting there in some years and flopping in … Read More
Howard Marks: The Difference Between Big V and Small v Value Investing
During his recent interview with CNBC, Howard Marks said, “there’s enthusiasm, there are high valuations,” he doesn’t believe the current market environment has reached the stage of mania. “The valuations are not crazy, high but not crazy. And when things are either high or low but not crazy, you can’t … Read More
Howard Marks: Equity Valuations Have Moved From “Elevated” to “Worrisome”
Howard Marks, in his September 2025 appearance in The Roundup, dissected what he called “worrisome equity valuations,” warning that the market’s surface strength masks deeper imbalance. “A bit over half of the S&P 500’s jaw-dropping 58% two-year total return in 2023-24 was attributable to the spectacular performance of just seven … Read More
Howard Marks: Mastering the Market Cycle Book Summary
In Mastering the Market Cycle, Howard Marks argues that while investors often focus on what will happen in the markets, a more productive approach is to understand where we stand in the various cycles that influence outcomes. He suggests that success comes not from predicting the future, but from recognizing … Read More
Howard Marks: Risk-bearing Is Not Guaranteed To Produce A Better Outcome
In his talk at The Church, Howard Marks laid out foundational investment principles, beginning with a healthy skepticism toward market efficiency. “The other people aren’t idiots,” he stated, explaining that the collective actions of intelligent, motivated investors cause securities to trade near their fair value. This efficient market hypothesis, while … Read More
Howard Marks: Investors Should Move To DEFCON 2
In a recent interview on the WONK Podcast, investing legend Howard Marks provided a clear-eyed assessment of the current market landscape, marked by a peculiar and persistent disconnect. “The S&P 500, which is our main gauge of the stock market, was considered expensive given its valuation level at the end … Read More
Howard Marks: Why It’s Time to Put More Defense in Your Portfolio
Investors are grappling with a central question: why are asset prices so strong in the face of what many view as net negative developments? During his recent interview with Bloomberg, Howard Marks offers a clear perspective, noting that “stocks are expensive relative to what I call fundamentals or you might … Read More
Why Howard Marks Calls 2008 His Proudest Investing Moment
During his recent interview with the Trinity Student Managed Fund Podcast, Howard Marks discussed a number of topics drawn from decades of experience that reveal a philosophy rooted in discipline, patience, and a steadfast commitment to values. “We didn’t have a napkin,” Marks quipped, reflecting on OakTree’s humble beginnings. “We … Read More
Howard Marks: Why Long-Term Investors Must Rely on Skill, Not Chance
In his book Mastering the Market Cycle, Howard Marks dedicates an entire chapter to Cycle Positioning. He explains, “Successfully positioning a portfolio for the market movements that lie ahead is dependent on what you do (turning aggressive or defensive) and when you do it (based on a superior understanding of what cycles … Read More
Howard Marks Trims the Fat: Top 5 Biggest Stock Reductions
Each week, we unpack the latest high-conviction trades from legendary investors — revealing what they’re doubling down on, cutting loose, or quietly walking away from. In the most recent quarter, Howard Marks significantly reduced several positions in his public equity portfolio. These reductions may reflect a reassessment of risk, valuation, … Read More
Howard Marks: You Must Deviate from the Herd AND Be More Correct
In a recent conversation with India’s CFA Society, Howard Marks, the Oaktree Capital co-founder explained why successful investing requires equal parts discipline, patience, and the willingness to stand apart. Marks, whose memos have become required reading for investors worldwide, began with a reminder of how extremes distort judgment. “In investor … Read More
Howard Marks Warns: You Can’t Repeal the Laws of Economics
In his latest memo, More on Repealing the Laws of Economics, Howard Marks doubles down on a warning he first issued last year: government efforts to override basic economic principles are not only misguided, but dangerous. “The best known is the law of supply and demand,” he writes. “These and … Read More
Howard Marks: How To Become An Above Average Investor
In a recent interview with The Motley Fool, Howard Marks reflects on decades of investing. He returns to a simple yet powerful idea: “Good company, bad balance sheet.” That’s the kind of setup his firm, Oaktree, looks for — situations where strong businesses are dragged down by too much debt. … Read More
Howard Marks: The Essence of Investing Is Risk for Profit
During his recent panel discussion at the 2025 Qatar Economic Forum on Bloomberg Live, Howard Marks said: “The essence of investing is appropriately bearing risk for profit.” In this conversation he laid bare how risk, uncertainty, and judgment shape the core of long-term investing. Marks emphasized the importance of understanding … Read More
Howard Marks on 30 Years of Oaktree: “Always Good, Sometimes Great, Never Terrible”
When Howard Marks reflects on 30 years of building Oaktree, it’s clear the firm’s success was never about chasing home runs—it was about doing things right. “We merely thought that we’ve done a good job for clients to date. If we can keep doing a good job, we’ll have a … Read More
Howard Marks on Luck, Integrity, and Being Unemotional
Listening to Howard Marks talk about his journey, you quickly realize he isn’t just sharing a career story — he’s explaining how to survive and thrive in investing and in life. One of the biggest lessons he repeats is simple but powerful: investing is a mental game. “Investment management is … Read More