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 mood swings of the securities markets resemble the movement of a pendulum. Although the midpoint best describes the average, the pendulum spends very little time there."
Market psychology swings like a pendulum between extremes
Read Full Analysis →"Cycles will never stop. The rhythm of economic and market cycles is the most reliable feature of the investing world."
Economic and market cycles are inevitable and should guide strategy
Read Full Analysis →"Markets are not efficient or inefficient. They are efficient in some ways and inefficient in others."
Markets oscillate between efficiency and inefficiency across different dimensions
Read Full Analysis →Howard Marks has 3 key principles on market psychology. The most important one is "The Pendulum" — The mood swings of the securities markets resemble the movement of a pendulum.
Howard Marks applies market psychology through several key principles including "The Pendulum" and "Market Cycles". These principles guide practical investment decisions and have been tested across decades of market cycles.
Howard Marks's approach to market psychology 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.
