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
Pzena: Why Small Caps Are Poised for a Multi-Year Comeback
In their latest Insight – Extreme Valuations & Durable Fundamentals: The Case for Small Caps Globally, Pzena Investment Management argues that the massive concentration of returns among a handful of mega-cap names has left small-cap stocks globally at “an attractive entry point relative to large caps.” Despite having risen more … 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: 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
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: 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: 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
VALUE: After Hours (S07 E19): Rudy Havenstein, Senior Markets Commentator on the Fed, Housing and Markets
In their latest episode of the VALUE: After Hours Podcast, Tobias Carlisle, Jake Taylor, and Rudy Havenstein discuss: The Fed’s Role in Financial Crises Corruption, Insider Deals, and the Revolving Door Crypto Skepticism and Meme Coins The Housing Market and Fed Manipulation The Fed’s Real Priorities and Bailouts Lizard Strategy: … 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 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
Howard Marks: “Excessive Certainty Is The Enemy”
Howard Marks is the kind of investor who challenges the way you think. In this interview, he shares insight after insight, all with the steady, grounded perspective that only comes from decades of navigating real markets. What really stands out is his consistent focus on risk. “The challenge, the real … Read More
Howard Marks: Why Do Investors Repeatedly Make The Same Mistakes?
Howard Marks has long warned of the dangers of short memories in finance. In his memo Hindsight First, Please (or, What Were They Thinking?), he underscores how easily investors repeat mistakes by ignoring history. As Marks puts it, quoting John Kenneth Galbraith, “the extreme brevity of the financial memory” is … Read More
Investing as a Game of Chicken: Valuation vs. Patience in Market Cycles
During their recent episode, Taylor, Carlisle, and Joshua Young discussed Investing as a Game of Chicken: Valuation vs. Patience in Market Cycles. Here’s an excerpt from the episode: Jake: Yeah. So, that’s still north of here as well. One thing I have been thinking about that is kind of, I … 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
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: Market Cycles and the Illusion of Average
For as long as I’ve followed financial markets, the prevailing wisdom has been to think of economic and market cycles in terms of ups and downs—booms and busts, bull and bear markets. But after listening to Howard Marks on the Sweat Your Assets podcast, I’ve come to see cycles differently. … Read More
Luck vs. Skill in Investing: Why There Are No Gurus, Only Cycles
During their recent episode, Taylor, Carlisle, and Michael Gayed discussed Luck vs. Skill in Investing: Why There Are No Gurus, Only Cycles. Here’s an excerpt from the episode: Tobias: Self abnegnation. I don’t mind that as a strategy. Michael: Well, I’ll tell you something. Actually, I’m half joking about it, … Read More
Tech Dominance Is Breaking the Market Cycle
During their recent episode, Taylor, Carlisle, and Michael Gayed discussed Tech Dominance Is Breaking the Market Cycle. Here’s an excerpt from the episode: Michael: No, no, that’s good, actually. So, let’s play with this. Jake: Confirm my priors, please. [laughter] Michael: Right. Misery loves company, especially in podcasts. Okay, let’s … Read More
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