Having spoken to many investors, the most common misjudgement I’ve observed is binary thinking. That is the tendency to think in black and white. Let me share two stories that illustrate why investors are missing out because of this, and how you can avoid the same pitfalls. Show More
Warren Buffett once said: “When I see memos from Howard Marks in my mail, they’re the first thing I open and read. I always learn something.” Earlier this week, Marks held an AMA (ask me anything) for investors. Here are some of the key takeaways of this dialogue with one... Show More
Howard Marks of Oaktree Capital has recently released his updated view on the current market environment. The view of Oaktree is interesting, as they invest across most asset classes and in every part of the capital structure. Show More
In 2007 Howard Marks released a memo titled The Race to the Bottom, the note shared his view that investment markets are like an auction house, the item that’s up for sale goes to the person willing to pay the most. When buyers are scarce the items for sale go... Show More
Earlier this year I reviewed my top ten investment books of all time on Livewire. My goal was to share some of the perspectives of the world’s best investors. In this wire, I summarise those reviews to identify the top five characteristics of the world's best investors, the 'Super investors'. Show More
It’s been nearly six months since Marks’ last memo. In the absence of any major shift in global markets, he has taken the opportunity to discuss a more ‘big picture’ issue – the removal of human beings from the investment process. This comes in three main forms; passive or index... Show More
Howard Marks is the Chairman and Founder of Oaktree Capital Management, an investment firm managing over $120B. This is not a how to invest book and you will not find any step by step instruction. When it comes to investing, Marks believes there is no sure-fire recipe for success. This... Show More
Following Marks’ last memo, many media sources (though not this author) reported that Marks was ‘ultra-bearish’. Some even went as far as to report that he’d said, “it’s time to get out”, when he’d said quite the opposite. In an effort to set the record straight, Marks’ latest memo looks... Show More
Howard Marks expressed concerns over a range of different assets and indicators in his last memo, which caused quite a media uproar. So he’s expanded and clarified some of his views. More interesting though, was his change of opinion on Bitcoin. His key quotes from this new memo are below. Show More
The legendary Howard Marks, founder of the US$100b Oaktree Capital, was recently interviewed by Barry Ritholtz on his Masters In Business podcast. The 75-minute long interview is wide-ranging, but as usual, his comments around investment strategy stood out. Show More
I read Howard Marks’ “The Most Important Thing” last year and it really resonated with me. Lots of books teach you how to 'do' investing, but Marks teaches how to think about investing. One of the key messages that’s stuck with me has been that achieving outperformance isn’t easy; it... Show More
You can count on one hand the number of successful macro investors in the world. Howard Marks, founder of the $100 billion Oaktree Capital, generally doesn't play at this game, but is there ever a time to get out of the market? "When there's a demonstrable bubble. When psychology is... Show More
This week was all about central banks, as both the BoJ and the Federal Reserve met. Global markets seemed to like the news well, with the MSCI All Countries World Index up 2.3% for the week so far. Moving on from central banks; Market Matters explains TPG’s 27% fall, Tren... Show More
Warren Buffett once said of Howard Marks’ book, The Most Important Thing; “This is that rarity, a useful book. When I see memos from Howard Marks they’re the first things I read. I always learn something and that goes double for this book.” Having read the book myself earlier this year,... Show More
When central banks want to help economies grow, they take actions such as reducing the interest rates they charge on loans to banks or, more recently, buying assets. In theory, both of these will add to the funds in circulation and encourage economic activity. The lower rates are, and the... Show More
In a follow-up to his memo from earlier this week, Howard Marks explores how much weight we should give to the fluctuations in the markets. “In the long term the consensus of investors figures out what things are really worth and moves the price there. But in the short term,... Show More
"To help investors deal with their potential for “human error,” this shrink would prescribe a number of elements that can help with the task. The first essential element in coping with markets’ irrationality is understanding. The importance of psychology and its influence on markets must be recognized and dealt with.... Show More
Howard Marks of Oaktree Capital outlines seven reasons why success in investing requires similar skills to being successful in sports (and sports betting). 1) For most participants, success is likely to lie in discipline, consistency and minimization of error, rather than in bold strokes. 2) In order to be superior... Show More
Howard Marks from Oaktree Capital uses the recent falls in the oil price to illustrate the futility of short term forecasting and need for a long-term approach. When pressed on whether he is interested in investing energy stocks (which he is) Marks says, in doing so you need to take... Show More
Howard Marks, the Chairman of Oaktree Capital revisits and extends his previous memos on the subject of risk. Marks says “while volatility is quantifiable and can be an indicator or symptom of riskiness or even a specific form of risk – I think it falls far short as “the” definition... Show More