Howard Marks
Howard Marks is the Co-Founder and Co-Chairman of Oaktree Capital Management. He is known for his investing prowess and his visionary, explicit market commentaries. Marks regards writing as central to success in the 21st century. His investor memos are highly anticipated across the financial world for their wisdom, charm, and crisp clarity detailing his investment strategies and insight into the economy. Commended by financial superstar Warren Buffett, Marks has written several books that are highly acclaimed by the mass.
Howard Marks Professional Experience / Academic History
Professional Experience
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Co-Founder and Co-Chairman
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Chief Investment Officer for Domestic Fixed Income
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Vice President and Senior Portfolio Manager, Convertible and High Yield Securities
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Director of Research
Academic History
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MBA in Accounting and Marketing
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BS in Economics and Finance, Cum Laude
- Discipline
- Contrarianism
- Selectivity
LEARNINGS FROM HOWARD MARKS
- The key to understanding the business and market cycle is to understand that most behavior is cyclical and tends to go too far.
- The human contribution to markets causes excesses in one direction then reversion towards (and often through) the mean.
- It is hard to predict the timing of cycles but is easy to predict that they will happen.
- Cycles can tell us what is likely to happen, not when; When elevations are high, they are likely to eventually go down.
- Definition of Investing: The process of positioning capital to benefit from future events.
- Reject the idea of "waiting for the bottom" to invest. We never know how low things will go or where the bottom is. When things are cheap you have to start investing and that might mean catching a falling knife as things get even cheaper.
VIEWS BEFORE THE 2020 CORONA CRASH
- Marks felt that valuations were already elevated for multiple years prior.
- His investing approach was to move forward but stay cautious.
CURRENT APPOINTMENTS
- Professor of Practice at King’s Business School
- Member of the Investment Committee of the Royal Drawing School
- Member of the Shanghai International Financial Advisory Council
- Member of the Advisory Board of Duke Kunshan University
- Trustee and Chairman of the Investment Committee at the Metropolitan Museum of Art
- Emeritus Trustee of the University of Pennsylvania
AWARDS AND RECOGNITIONS
- George Hay Brown Prize
LICENSES AND CERTIFICATIONS
- Chartered Financial Analyst®
MEDIA AND PUBLICATIONS
- Marks has appeared as a guest on Real Vision multiple times.
- He has appeared as a guest at the 2021 Real Vision Festival of Learning.