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...
"There's no asset so good that it can't become a bad investment if bought at too high a price. And there are few assets so bad that they can't be a good investment when bought cheap enough."
Price paid determines investment outcome more than asset quality.
Read Full Analysis →"To buy when others are despondently selling and to sell when others are avidly buying requires the greatest fortitude and pays the greatest reward."
The best values are found in despised assets.
Read Full Analysis →"First-level thinking says, 'It's a good company; let's buy the stock.' Second-level thinking says, 'It's a good company, but everyone thinks it's a great company, and it's not. So the stock's overrated and overpriced; let's sell.'"
Think beyond the obvious to find true value.
Read Full Analysis →Howard Marks has 3 key principles on value assessment. The most important one is "Price is What Matters Most" — There's no asset so good that it can't become a bad investment if bought at too high a price.
Howard Marks applies value assessment through several key principles including "Price is What Matters Most" and "Contrarian Value Finding". These principles guide practical investment decisions and have been tested across decades of market cycles.
Howard Marks's approach to value assessment 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.
