Howard Marks author photo

Howard Marks

Howard Marks is an American investor and business author known for writing on value investing, risk, and market cycles. Co-founder of Oaktree Capital Management, he wrote The Most Important Thing and Mastering the Market Cycle. His investment memos and books have become widely read guides for professional and individual investors.

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Howard Marks built his reputation at the intersection of disciplined investing and unusually clear writing. Raised in Queens, New York, he studied finance at the Wharton School and earned an MBA from the University of Chicago Booth School of Business before entering investment research at First National City Bank, later Citicorp, in 1969. Over the next two decades he moved from equities into convertibles, high yield bonds, and distressed debt, then led those groups at TCW. In 1995 he co-founded Oaktree Capital Management, where he became co-chairman and a principal steward of the firm’s risk-conscious investment philosophy. ((https://catalogimages.wiley.com/images/db/pdf/9781119617068.excerpt.pdf))

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quote
On average, all investors will do average
-I Beg to Differ
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In order to outperform, your thinking has to be different and better
-I Beg to Differ
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This just in: You can’t take the same actions as everyone else and expect to outperform
-I Beg to Differ
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One of the recurring themes in my memos is the idea that the quality of a decision cannot be determined from the outcome alone
-What Really Matters?
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It has been demonstrated time and time again that no asset is so good that it can’t become a bad investment if bought at too high a price. And there are few assets so bad that they can’t be a good investment when bought cheap enough
-The Most Important Thing
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Bottom line: there’s no such thing as a good idea regardless of price!
-The Most Important Thing
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If we avoid the losers, the winners will take care of themselves
-The Most Important Thing
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The riskier the underlying assets, the less leverage should be used to buy them
-Volatility + Leverage = Dynamite
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Timing and extent are never predictable, but the occurrence of cycles is the closest thing I know to inevitable
-The Race to the Bottom

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커뮤니티 의견

"But for a certain Wall Street set, there are equally high expectations for the writings of Howard Marks"

Wall Street Journal

"Few books on investing match the high standards set by Howard Marks in The Most Important Thing"

John C. Bogle

"Howard Marks's Mastering the Market Cycle is a must-read"

Ray Dalio

"Regular recipients of Howard Marks's investment memos eagerly await their arrival for the essential truths and unique insights they contain"

Seth A. Klarman

"Howard Marks has distilled years of investment wisdom into a short book that is lucid, entertaining, and ultimately profound"

Joel Greenblatt

"Written in plain English, Howard Marks's hard-earned wisdom will help readers tilt the odds in their favor"

Jeffrey Gundlach

"When I see memos from Howard Marks in my mail, they're the first thing I open and read"

Warren Buffett

"Veteran value-investing manager Howard Marks draws on pithy memos he wrote to clients over the years"

Money Magazine

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"Reading used to feel like a chore. Now it’s just part of my lifestyle."

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