Howard Marks
Howard Marks
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Full Name and Common Aliases
Howard Stanley Marks is an American investor, business executive, and author. He is best known as the co-founder of Oaktree Capital Management, a global investment management firm.
Birth and Death Dates
Born on October 8, 1946, in Los Angeles, California, Howard Marks passed away on June 15, 2021.
Nationality and Profession(s)
Howard Marks holds American nationality and is a renowned investor, businessman, and author. His career spans over four decades, with significant contributions to the fields of finance and investing.
Early Life and Background
Growing up in Los Angeles, Howard Marks developed an interest in economics and business at an early age. He earned his Bachelor's degree from Stanford University in 1966 and later completed his MBA at the University of Virginia's Darden Graduate School of Business Administration in 1970. After working for several years as a financial analyst and portfolio manager, Marks co-founded Oaktree Capital Management in 1995.
Major Accomplishments
Howard Marks' career has been marked by numerous accomplishments:
Co-founder of Oaktree Capital Management, one of the world's largest distressed debt investors.
Founded Marks & Spiegel, an investment firm that focused on fixed income and equity investments (1978-1986).
Member of the Board of Directors at several prominent companies, including Moody's Corporation and AIG.Notable Works or Actions
Howard Marks is a prolific writer and has written extensively on investing and business strategy. His most notable works include:
"The Most Important Thing: Uncommon Sense for the Thoughtful Investor" (2011)
"Mastering the Market Cycle: Getting the Odds on Your Side" (2018)Impact and Legacy
Howard Marks' contributions to the world of finance are immeasurable. His insightful writings, investment expertise, and business acumen have left a lasting impact on investors, entrepreneurs, and policymakers worldwide.
Why They Are Widely Quoted or Remembered
Howard Marks is widely quoted and remembered for his:
Unwavering commitment to value investing: He has consistently advocated for a disciplined approach to investing, emphasizing the importance of understanding the underlying fundamentals of businesses and assets.
Profound insights on market cycles: Through his writings and public statements, Marks has provided valuable insights into the intricacies of market behavior, helping investors navigate periods of economic uncertainty.
Influence on the investment industry: His work has inspired a generation of investors and entrepreneurs, shaping the way people think about investing and business strategy.
As a renowned investor, businessman, and author, Howard Marks' legacy will continue to inspire and educate individuals for generations to come.
Quotes by Howard Marks
We conclude that most of the time, the future will look a lot like the past, with both up cycles and down cycles. There is a right time to argue that things will be better, and that’s when the market is on its backside and everyone is selling things at giveaway prices. It’s dangerous when the market’s at record levels to reach for a positive rationalisation that has never held true in the past.
It’s worth noting that the assumption that something can’t happen has the potential to make it happen, since people who believe it can’t happen will engage in risky behaviour, and thus alter the environment.
If one is approached with a deal predicated on cycles having ceased to occur, remember that invariably that’s a losing bet.
Selling for more than your asset’s worth. Everyone hopes a buyer will come along who’s willing to overpay for what they have for sale. But certainly the hoped-for arrival of this sucker can’t be counted on. Unlike having an underpriced asset move to its fair value, expecting appreciation on the part of a fairly priced or overpriced asset requires irrationality on the part of buyers that absolutely cannot be considered dependable.
Warren Buffett tells us, “The less prudence with which others conduct their affairs, the greater the prudence with which we should conduct our own affairs.
There’s a big difference between probability and outcome. Probable things fail to happen – and improbable things happen – all the time.” That.
The most dangerous thing is to buy something at the peak of its popularity. At that point, all favourable facts and opinions are already factored into its price and no new buyers are left to emerge.
There’s a big difference between probability and outcome. Probable things fail to happen – and improbable things happen – all the time.” That’s one of the most important things you can know about investment risk.
If everyone likes it, it’s probably because it has been doing well. Most people seem to think that outstanding performance to dates presages outstanding future performance. Actually, it’s more likely that outstanding future performance to date has borrowed from the future and thus presages subpar performance from her on out.