Tag Archive

In his recent presentation at The Wharton School, Howard Marks provides some great examples of proof that risk is counter-intuitve. Here’s an excerpt from the presentation: Marks: Now, let’s talk a little more about risk. I believe that risk is counter-intuitive. So they did an experiment in the town of … Read More

In his latest interview on the Wharton School Podcast, Howard Marks discussed U.S investment opportunities if the trend moves from globalization to dependable onshoring, as he believes it will. Here’s an excerpt from the interview: Marks: I think that if people want to create their own raw materials, or intermediate … Read More

In his latest memo titled – The Pendulum in International Affairs, Howard Marks’s connects two seemingly unrelated trends – Europe’s energy dependence and U.S. offshoring – to explain why the pendulum of companies’ and countries’ behavior may be swinging away from globalization and toward onshoring. Here’s an excerpt from the … Read More

In his recent interview on the Richer, Wiser, Happier Podcast, Howard Marks explains why the great investors he knows are unemotional about investing. Here’s an excerpt from the interview: Marks: Emotion is the greatest enemy of superior investing. If you take a look at most people in what they call … Read More

In his latest interview on the Youth Finance Summit, Howard Marks explains why its better to understand everything about 20 companies than the slightest bit about 400. Here’s an excerpt from the interview: Marks: Everything I’ve done has been on that basis and for the most part at Oaktree we … 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

In his latest memo titled – Selling Out, Howard Marks provides a comprehensive discussion on the art of selling stocks. Here’s an excerpt from the memo: Aphorisms like “no one ever went broke taking a profit” may be relevant to people who invest part-time for themselves, but they should have … Read More

In his latest interview with InfoMoney, Howard Marks recommends that investors invest early, invest heavily, and stay in the market. Here’s an excerpt from the interview: I think the most important thing that I would stress for your listeners, or readers, or whoever they’re going to be is… the most … Read More

In his book – The Most Important Thing, Howard Marks discusses the problem with paying up for a popular stock. Here’s an excerpt from the book: If you make cars and want to sell more of them over the long term—that is, take permanent market share from your competitors— you’ll … Read More

In his latest interview at The Milken Institute Global Conference, Howard Marks described this latest cycle like a meteor hitting earth from outer space. Here’s an excerpt from the interview: Marks: We’re in an unusual circumstance. First of all the cycle we’ve gone through in the last 18 months of … Read More

In Howard Marks’ Book – Mastering The Market Cycle, he provides some great statistical data that shows just how much investor psychology impacts markets. Here’s an excerpt from the book: Putting it all together, fluctuations in attitudes and behavior combine to make the stock market the ultimate pendulum. In my … Read More

In his recent interview on The Investors Podcast, Howard Marks discussed comparisons between the Nifty 50 and the FAANG stocks of today, and why there are no sure things in investing. Here’s an excerpt from the interview: In every market cycle we get to the point where people say you … Read More

In this interview with FGV Finance, Howard Marks highlights that while some investors might say, “we don’t invest in tech”, the reality is that you can’t invest in this world and say I ignore technology. Here’s an excerpt from the interview: Just because a company is a great company and … 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

In this presentation, Howard Marks discusses how to identify when the odds are against you. Here’s an excerpt from the presentation: What causes the losing tickets to outnumber the winning tickets in the bowl? In my opinion they’re things like this: A high level of investor optimism as I discussed. … Read More

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