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.

Биография и Путь Автора

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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Цитаты

quote
On average, all investors will do average
-I Beg to Differ
quote
In order to outperform, your thinking has to be different and better
-I Beg to Differ
quote
This just in: You can’t take the same actions as everyone else and expect to outperform
-I Beg to Differ
quote
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
quote
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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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 Разделы
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 Разделы
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 Разделы
Trading in the zone, Mark Douglas 
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Trading in the zone, Mark Douglas 

This plan is essential for traders who have technical knowledge but struggle with emotional consistency and discipline. It bridges the gap between market analysis and profitable execution, making it ideal for both beginners and experienced investors seeking a professional edge.

5 h 14 m4 Разделы
Master Trading, Real Estate & Finance
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Master Trading, Real Estate & Finance

This comprehensive guide is designed for individuals seeking to transition from basic saving to sophisticated wealth creation. It bridges the gap between theoretical finance and practical application in trading and real estate, making it ideal for aspiring investors and professionals alike.

5 h 5 m4 Разделы
Investing & history
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Investing & history

This learning plan bridges timeless investment wisdom with practical portfolio construction skills, essential for anyone seeking to build lasting wealth through markets. It's ideal for aspiring investors, finance professionals, or anyone managing their own retirement accounts who wants to move beyond surface-level knowledge and understand both the principles and historical context that separate successful long-term investors from speculators.

3 h 28 m4 Разделы
Understand us stock market
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Understand us stock market

The US stock market remains one of the most powerful wealth-building tools available, yet most people lack the fundamental knowledge to invest confidently and effectively. This learning plan is designed for anyone who wants to move beyond guesswork and develop a professional-grade understanding of stock market investing—from complete beginners seeking financial independence to intermediate investors ready to refine their approach with proven strategies and mental frameworks.

4 h 2 m4 Разделы
Master Buying Psychology & Value Perception
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Master Buying Psychology & Value Perception

This learning plan is essential for marketers, entrepreneurs, and sales professionals who want to move beyond guesswork and understand the biological drivers of commerce. It bridges the gap between academic behavioral science and practical business application to drive measurable growth.

5 h 28 m4 Разделы

Голоса Сообщества

"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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"Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."

@Matt, YC alum
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108

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

@Erin, Investment Banking Associate , NYC
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"Feels effortless compared to reading. I’ve finished 6 books this month already."

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