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...
"First-level thinking is simplistic and superficial, and just about everyone can do it. Second-level thinking is deep, complex, and convoluted. The difference in workload between first-level and second-level thinking is clearly massive."
Think deeper than the consensus to outperform.
Read Full Analysis →"Investing requires finding situations where the risk-reward ratio is skewed in your favor. Success depends not on what you buy, but on what you pay for it."
Success is about asymmetric risk-reward.
Read Full Analysis →"Being right about something isn't at all synonymous with being right about it at the right time. You can be right about the value of something and still lose money if you're early."
Correctness without timing can still lead to losses.
Read Full Analysis →Howard Marks has 3 key principles on investment philosophy. The most important one is "Second-Level Thinking" — First-level thinking is simplistic and superficial, and just about everyone can do it.
Howard Marks applies investment philosophy through several key principles including "Second-Level Thinking" and "The Most Important Thing". These principles guide practical investment decisions and have been tested across decades of market cycles.
Howard Marks's approach to investment philosophy 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.
