Howard Marks

Master of Cycles & Risk

48 principlesValue InvestingUSABorn 1946

"The most important thing is to be aware of the pendulum of market psychology."

About Howard Marks

Howard Stanley Marks (born April 23, 1946) is an American investor and writer. He is the co-founder and co-chairman of Oaktree Capital Management, one of the world's largest investors in distressed securities with over $150 billion in assets under management. Marks is renowned for his insightful memos to clients, which have been published since 1990 and are widely read in the investment community, including by Warren Buffett. These memos cover market cycles, risk management, investor psychology, and the nature of investment returns. His investment philosophy emphasizes second-level thinking – going beyond surface analysis to consider how other investors are thinking. Marks advocates for a contrarian approach, being fearful when others are greedy and greedy when others are fearful, while maintaining a deep understanding of risk. His book "The Most Important Thing" distills his decades of investment wisdom into essential principles, while "Mastering the Market Cycle" provides a framework for understanding and navigating market cycles to improve investment results.

Investment StyleValue Investing, Distressed Debt, Contrarian, Risk-Focused

Key PhilosophySecond-Level Thinking, Risk Control, Market Cycles, Contrarianism, Knowing What You Don't Know

Notable HoldingsDistressed Debt, High Yield Bonds, Private Equity

Books & WritingsThe Most Important Thing, Mastering the Market Cycle