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 biggest investing errors come not from factors that are informational or analytical, but from those that are psychological. Buying quality without regard to price is as dangerous as buying price without regard to quality."
Balance quality assessment with price discipline.
Read Full Analysis →"High quality assets can be risky, and low quality assets can be safe. It's not what you buy, it's what you pay. Risk means more things can happen than will happen."
Quality alone does not determine risk.
Read Full Analysis →"The most important thing is being aware of what you don't know. We have to practice defensive investing, since many of the outcomes are controlled by luck."
Humility about uncertainty improves investment decisions.
Read Full Analysis →Howard Marks has 3 key principles on business quality. The most important one is "Quality vs Price Balance" — The biggest investing errors come not from factors that are informational or analytical, but from those that are psychological.
Howard Marks applies business quality through several key principles including "Quality vs Price Balance" and "Risk vs Quality Perception". These principles guide practical investment decisions and have been tested across decades of market cycles.
Howard Marks's approach to business quality is distinguished by a focus on long-term thinking and fundamental analysis. With 3 specific principles in this area, Howard Marks provides a comprehensive framework that investors at any level can study and apply to improve their decision-making.
