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 says 'it's a good company, let's buy.' Second-level thinking says 'it's a good company, but everyone thinks it's great and it's overpriced, so let's sell.'"
Think beyond the obvious consensus.
Read Full Analysis →"Great investors achieve asymmetry: they participate fully in gains but limit losses. This is the holy grail of investing."
Aim for more upside than downside in every investment.
Read Full Analysis →"The market swings like a pendulum between euphoria and depression, rarely pausing at the midpoint. Understanding this cycle is key to timing."
Markets swing between extremes like a pendulum.
Read Full Analysis →Howard Marks has 3 key principles on mental models. The most important one is "Second-Level Thinking Model" — First-level thinking says 'it's a good company, let's buy.' Second-level thinking says 'it's a good company, but everyone thinks it's great and it's o...
Howard Marks applies mental models through several key principles including "Second-Level Thinking Model" and "Asymmetry Model". These principles guide practical investment decisions and have been tested across decades of market cycles.
Howard Marks's approach to mental models 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.
