Howard Marks

Howard Marks

Last Update: 11-22-2016

Number of Stocks: 59
Number of New Stocks: 9

Total Value: $4,412 Mil
Q/Q Turnover: 32%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Howard Marks Watch

  • What Does Howard Marks See in AdvancePierre Foods?

    Howard Marks - What Does Howard Marks See In AdvancePierre Foods?

    Combing through 13F filings to try and figure out which shares super investors are buying and selling can be a time-consuming but sometimes lucrative process.


    Even though you should never blindly follow investors into positions, as you do not know why they entered the positions or what price and time, 13Fs are extremely useful for finding stock ideas. If you have your own set of investment guidelines and are just looking for ideas, then 13Fs can be extremely helpful in pointing in the right direction. However, if you just blindly follow super investors, you may end up losing more than you bargained for.

      


  • 25 Questions With Andy Berger of Punch Card Research

    Warren Buffett,Charlie Munger,Howard Marks,Tom Gay - 25 Questions With Andy Berger Of Punch Card Research

    1. How and why did you get started investing? What is your background?


    I am actually an attorney by trade. I got interested in value investing when I was a young lawyer back in the late '90s working at a big firm. Soon after getting started, I came across an interview with Warren Buffett (Trades, Portfolio) where he said that if you are not an investing professional, you are better off putting your money in index funds and concentrating on your chosen field of endeavor. This advice made a lot of sense to me, and I stopped reading about investing and put my savings in a Standard & Poor's 500 fund. Then along came the financial crisis, and I lost all appreciation in my savings. I said to myself that Wall Street was taking me for a ride, and I had to get educated. So in about 2009 I started reading everything on value investing that I could get my hands on.

      


  • 25 Questions With Indian Investor Neeraj Marathe

    Howard Marks,Seth Klarman - 25 Questions With Indian Investor Neeraj Marathe

    Neeraj Marathe is an investor based in Pune, Maharashtra. His core competency lies around investing in Indian listed companies, specifically mid-caps and small-caps, using fundamental analysis and value investing principles. He is an avid reader and reads books based on value investing, behavioral finance and psychology.


    As a hobby, he has been teaching for the last 10 years in B-Schools based in Pune, where he teaches specialization subjects like security analysis and portfolio management.

      


  • 23 Questions With David Merkel of Aleph Investments

    Howard Marks,Ken Fisher - 23 Questions With David Merkel Of Aleph Investments

    1. How and why did you get started investing? What is your background?


    I learned investing from my mother and business from my father. Both were good influences in my life. Both took prudent risks to take care of the economic life of our family.

      


  • Oaktree Reduces, Eliminates Multiple Positions in the 3rd Quarter

    Howard Marks - Oaktree Reduces, Eliminates Multiple Positions In The 3rd Quarter

    Howard Marks (Trades, Portfolio) is the chairman of Oaktree Capital Management LP, which was founded in 1995. The firm made the following trades in the third quarter:


    The firm almost closed its position in Allergan PLC (NYSE:AGN), cutting it by 93.18%. The transaction had an impact of -3.07% on the portfolio.

      


  • 23 Questions With Nitiin A. Khandkar

    Seth Klarman,Howard Marks - 23 Questions With Nitiin A. Khandkar

    1. How and why did you get started investing? What is your background?


    ​I have a bit of family background in investing – the last three generations of my family​ used to invest in Indian stocks, albeit in a small way. I became a chartered accountant (Indian equivalent of US CPA) 2 decades back. A little before that, the Indian economy was opened to foreign companies and investors in 1991, and a number of foreign funds started investing in Indian equity markets. What got me interested in a career in investment research was that the job was so different from the usual accountant's/tax adviser's. It requires one to be on top of developments in economy, industries and companies. I eventually managed to find a job as a sell-side equity research analyst in the mid-1990s. This is where my investing journey began. I have been a sell-side analyst, buy-side analyst and portfolio manager, too.

      


  • Correctly Predicting the Future – and Losing Money

    Howard Marks - Correctly Predicting The Future – And Losing Money

    In the weeks leading up to the U.S. presidential election, there was a pretty clear pattern in the stock market: Anything good for Hillary Clinton’s chances of winning the presidency was good for equities (broadly speaking). If forced to guess, it’s safe to say most investors (including myself) would have called for a pretty substantial selloff if Donald Trump managed to pull off the upset.


    The largest hedge fund in the world, Bridgewater Associates, did just that (from Fortune):

      


  • Howard Marks' Oaktree Discloses Half Ownership of Company, 8 Stock Buys

    Howard Marks - Howard Marks' Oaktree Discloses Half Ownership Of Company, 8 Stock Buys

    Oaktree, where investing great Howard Marks (Trades, Portfolio) is co-chairman, disclosed this week owning a controlling stake in a company worth almost a third of its long portfolio and bought eight other stocks in the third quarter.


    Oaktree is a Los Angeles-based global alternative investment manager that specializes in credit strategies and as of Sept. 30, oversees $100 billion. Core tenets of the firm’s investment philosophy include risk aversion, market inefficiency and bottom-up analysis without market timing.

      


  • Howard Marks Discusses the Election

    Howard Marks,Carl Icahn,Stanley Druckenmiller - Howard Marks Discusses The Election

    I confess. I try to time the markets. I’m not supposed to, but I do it anyway. There have been times when it has worked out; there have been times when it hasn’t.


    My reasoning for timing the markets was inspired by Howard Marks (Trades, Portfolio). In his book, “The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor,Marks wrote:

      


  • Oaktree Buys SunOpta

    Howard Marks - Oaktree Buys SunOpta

    Oaktree Capital Management purchased 11,333,333 shares of SunOpta (NASDAQ:STKL) on Oct. 7, according to a Schedule 13G filing with the Securities and Exchange Commission. The trade had a 2.82% impact on Oaktree Capital Management’s portfolio.


      


  • Oaktree Buys Bellatrix Exploration

    Howard Marks,Ronald Muhlenkamp,Jim Simons - Oaktree Buys Bellatrix Exploration

    Oaktree Capital Management acquired a new holding in Bellatrix Exploration Ltd. (NYSE:BXE) on Oct. 4.


    Oaktree was established in 1995 in Los Angeles. The firm is involved in less efficient markets and alternative investments. It invests mostly in debt, preferred stocks and convertible bonds. 

      


  • Troubled Kyle Bass Reduces Stake in NMI Holdings

    Kyle Bass,Howard Marks,Jim Simons,Chuck Royce - Troubled Kyle Bass Reduces Stake In NMI Holdings

    Hayman Capital Management’s Kyle Bass (Trades, Portfolio) reduced his stake in NMI Holdings Inc. (NASDAQ:NMIH) by 27.24% on Oct. 11.


    Bass founded Hayman Capital in 2005. The Dallas-based hedge fund has been struggling recently due mostly to the state of oil prices. While the firm prospered with Bass’ shorting of the subprime mortgage crisis leading up to the Great Recession, he was not so fortuitous in regard to predicting oil prices.

      


  • 21 Questions With Michael Zapata of Sententia Capital Management

    Daniel Loeb,Howard Marks - 21 Questions With Michael Zapata Of Sententia Capital Management

    1. How and why did you get started investing? What is your background?


    Much of my experience with finance and investing is self-taught as I grew up in humble beginnings. The first lesson I learned was to work hard and divide the first part of your paycheck to tithes and savings. For investing, the first spark came in the fifth grade through a stock pick competition. I remember picking Xerox (NYSE:XRX) for one of my three stocks because the school had a bunch of Xerox machines. That one pick propelled me to the top percentage of my school's region. Granted, I had no idea what I was doing, but that experience would stick with me.

      


  • 21 Questions With Ugo Ume

    Warren Buffett,Howard Marks - 21 Questions With Ugo Ume

    1. How and why did you get started investing? What is your background?


    About 5 years ago I enrolled at the University of Arizona. As a freshman, I was worked at a deli on campus. One of my colleagues told me he ‘invests’ $100 thousand of his money. A month later, he had more than ‘tripled it’ $360 thousand. My jaw dropped. I had saved $4,000 by negotiating cell phone prices down on craigslist and then subsequently selling them market price on eBay both in high school and also my freshman year of college – a strategy I later learned to be a term in finance called Arbitrage. I said to myself, I have $4,000 today, if I conservatively double my money every month until I graduate, I can retire without ever working a post-college job. Most inexperienced investors would believe these ego-stroking stories, but as I read more about finance, I realized that there is absolutely no way he turned $100 thousand into $360 thousand in a few weeks. Also, why would someone be working for $7.65 per hour if they were doing so well? I applied for a Scottrade account about a month after on my 18th birthday. So my interest in investing was effectively by chance.

      


  • 21 Questions With Aidan Sweeney

    Warren Buffett,Mohnish Pabrai,Howard Marks - 21 Questions With Aidan Sweeney

    Aidan Sweeney is the founder of iValueInvesting.


    1. How and why did you get started investing? What is your background?
      



  • 18 Questions With Todd Massedge

    Charlie Munger,Howard Marks - 18 Questions With Todd Massedge

    I was fortunate to have the opportunity of interviewing Todd Massedge. He is the founder and CEO of AlphaTree Group, as well as a former buyside analyst. We discuss the college professor that influenced him, how he comes up with his best ideas and why he does not focus on valuation until the end of his process.


    How and why did you get started investing? What is your background?

      


  • Mattress, Roulette or Somewhere Between

    Howard Marks, Seth Klarman - Mattress, Roulette Or Somewhere Between

    Does more risk equal more return? Or does investing with a margin of safety reduce risk and increase returns?


    Conventional investment advice suggests that high returns are only achieved when taking high risks. This makes sense to some degree.

      


  • Investing With a Margin of Safety

    Howard Marks, Seth Klarman - Investing With A Margin Of Safety

    Does more risk equal more return? Or does investing with a margin of safety reduce risk and increase returns?


    Conventional investment advice suggests that high returns are only achieved when taking high risks. This makes sense to some degree.

      


  • Oaktree Made 7 New Buys in the 2nd Quarter

    Howard Marks - Oaktree Made 7 New Buys In The 2nd Quarter

    Howard Marks' Oaktree Capital Management LP added seven new holdings to the portfolio in the second quarter.


    The guru acquired 683,239 shares of American Tower Corp. (NYSE:AMTPRB), a Boston-based wireless and broadcast communications company, for an average price of $105.5 per share. The purchase had a 3.01% impact on Oaktree's portfolio.

      


  • Outperforming the S&P500

    Jim Simons,Howard Marks - Outperforming The S&P500

    The following are some of the stocks that outperformed the Standard & Poor's 500 Index over the last 12 months and were bought by gurus during the last quarter.


    Banc of California Inc. (BANC) during the last 12 months has outperformed the S&P500 Index by 84.7%, with a market cap of $1.12 billion. Currently, three gurus are holding the company that has returned +55% year-to-date and +86% over the last five years. It is now trading with a price-earnings (P/E)(ttm) ratio of 15.09 and according to the DCF calculator, at  the current price of $22.52, it looks overpriced by 41%. Over the last 12 months, the company’s revenue has grown by 6% and EPS has grown by 25%.

      


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