Howard Marks

Howard Marks is an American investor and writer best known as the legendary value investor who co-founded Oaktree Capital Management, one of the world’s leading distressed-debt investment firms. He is renowned for his widely read investment memos, contrarian thinking, and risk-focused approach to markets. Marks currently serves as co-chairman of Oaktree Capital Management.

Products they talk about

Devil Take The Hindmost👍 Recommends
…describing how reading a financial history book informed his analysis of the tech bubble
“In the fall of 99, I read a book called Devil Take the Hindmost. It's a history of financial speculation. The idea comes first. My books, my memos are not research-based. They're based on ideas that resonate with me. And so I'm reading this book. I am interested in financial speculation. I'm interested in cycles. I'm interested in the extremes of financial behavior.”
on My First Million
Mastering The Market Cycle👍 Recommends
…explaining how understanding where we stand in cycles improves investment odds
“I wrote a book called Mastering the Market Cycle, which was published in 18. And I always say it's a cheesy title, but it wasn't my idea. The publisher wanted that title because they thought it would sell more books. But I like the subtitle. And the subtitle says getting the odds on your side.”
on My First Million
The Most Important Thing👍 Recommends
…discussing a framework for assessing market conditions and investor behavior
“In my first book, the most important thing, I had a thing in there called the poor man's guide to market assessment. And it says on the left, a bunch of things. And on the right, there's a bunch of things. And it was half tongue in cheek or maybe more than half, but I mean, it says, you know, is the market rising or falling?”
on My First Million
The Short History of Financial Euphoria👍 Recommends
…reading books about investor behavior and market psychology
“I've never read any books about how to be an investor, like, you know, multiply this by that and add this and subtract that. And the books I've found most interesting have always been the ones about investor behavior. And I mentioned Devil Take the Hindmost, uh, 99. Uh, uh, one of the greatest books I ever read was, uh, before that, uh, John Kenneth Galbraith's book, uh, uh, called The Short History of Financial Euphoria. That was really pivotal for me. And since I'm a slow reader, uh, I liked the fact that it was only about a hundred pages.”
on My First Million
The Short History of Financial Euphoria👍 Recommends
…discussing formative books about investor behavior and financial cycles
“One of the greatest books I ever read was, uh, before that, uh, John Kenneth Galbraith's book, uh, uh, called the Short History of Financial Euphoria. That was really pivotal for me. And since I'm a slow reader, uh, I liked the fact that it was only about a hundred pages.”
on My First Million
Winning a Loser's Game👍 Recommends
…describing how a foundational article shaped his investment philosophy of avoiding losers
“Back in, back in, uh, 74, I think Charlie Ellis wrote an article winning the losers game where he said that because, uh, you can't predict the future, uh, active investing doesn't work. He was a believer in like the tennis player. You should try to avoid hitting losers and keep the ball in play. Um, and that has always defined my, uh, investing style.”
on My First Million
Winning the Loser's Game👍 Recommends
…influential investing philosophy about avoiding losses rather than chasing winners
“And then, you know, back in, back in, uh, 74, I think Charlie Ellis wrote an article winning the loser's game where he said that because, uh, you can't predict the future, uh, active investing doesn't work. He was a believer in the efficient market. So rather than try to hit winners like the tennis player, you should try to avoid hitting losers and keep the ball in play. Um, and that has always defined my, uh, investing style.”
on My First Million