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...
"Rule number one: most things will prove to be cyclical. Rule number two: some of the greatest opportunities for gain and loss come when other people forget rule number one."
Markets move in cycles; forgetting this is costly.
Read Full Analysis →"The mood swings of the securities markets resemble the movement of a pendulum. Although the midpoint of its arc best describes the location of the pendulum, it actually spends very little of its time there."
Markets spend most time at extremes, not at equilibrium.
Read Full Analysis →"We can never know where we're going, but we'd better have a good idea of where we are. The ability to assess market temperature — whether it's hot or cold — is essential."
Assess where we are in the cycle, not where we're going.
Read Full Analysis →Howard Marks has 3 key principles on margin of safety. The most important one is "Understanding Market Cycles" — Rule number one: most things will prove to be cyclical.
Howard Marks applies margin of safety through several key principles including "Understanding Market Cycles" and "Market Pendulum at Extremes". These principles guide practical investment decisions and have been tested across decades of market cycles.
Howard Marks's approach to margin of safety 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.
