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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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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Books Recommended by Michael Burry
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Books Recommended by Michael Burry

Explore Michael Burry’s book recommendations to master value investing, decode market risk, and spot hidden financial opportunities before anyone else.

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Street-Smart Company Valuation Mastery
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Street-Smart Company Valuation Mastery

This comprehensive path bridges the gap between academic theory and Wall Street reality, making it essential for aspiring analysts and serious investors. It provides the technical rigor of DCF modeling alongside the timeless wisdom of value investing to help you value companies with confidence.

5 h 15 m5 섹션
The Modern Economy for Investors
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The Modern Economy for Investors

In an era of high volatility, understanding the machinery of credit and cycles is essential for capital preservation. This plan is designed for investors who want to bridge the gap between abstract macroeconomics and practical portfolio management while mastering their own psychological triggers.

1 h 24 m3 섹션
Read 7 Essential Stock Market Books
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Read 7 Essential Stock Market Books

This curated plan distills the wisdom of legendary investors into actionable insights for anyone looking to build serious wealth. It is ideal for beginners and intermediate investors who want to move beyond speculation toward a disciplined, evidence-based approach to the markets.

4 h 49 m4 섹션
Master Finance, Investing & Economics
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Master Finance, Investing & Economics

This comprehensive guide bridges the gap between personal money management and professional market analysis. It is ideal for aspiring investors and professionals seeking to master everything from foundational habits to complex financial valuation.

5 h 53 m4 섹션
Macro Strategy and Market Cycles
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Macro Strategy and Market Cycles

In an era of high volatility, understanding the structural drivers of market movements is essential for capital preservation. This plan is designed for investors and analysts who want to move beyond surface-level trends and master the mechanics of capital cycles and systemic risk.

1 h 12 m3 섹션
Macro Investing for Personal Wealth
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Macro Investing for Personal Wealth

This plan is essential for investors looking to move beyond market noise and understand the structural drivers of wealth. It is ideal for proactive individuals who want to align their portfolios with global economic cycles and interest rate trends.

1 h 12 m3 섹션
The Investor's Macro Playbook
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The Investor's Macro Playbook

This playbook is essential for investors looking to move beyond individual stock picking and understand the global forces that drive market cycles. It is designed for traders and portfolio managers who want to align their strategies with central bank policies and macroeconomic shifts.

1 h 12 m3 섹션

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."

@Erin, Investment Banking Associate , NYC
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17

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