Howard Marks

Howard Marks

Last Update: 2015-01-26

Number of Stocks: 78
Number of New Stocks: 13

Total Value: $6,036 Mil
Q/Q Turnover: 16%

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

Howard Marks Watch

  • Howard Marks Buys Stake in Homebuilder Century Communities

    Howard Marks - Howard Marks Buys Stake In Homebuilder Century Communities

    Howard Marks (Trades, Portfolio), co-chairman of the $90 billion Oaktree Capital Management (OAK), on June 16 purchased 1,278,080 shares of a new stock, Century Communities (CCS), according to GuruFocus Real Time Picks.

    His new holding represents 5.9% of the company. Century Communities shares declined almost 24% since their initial public offering in June to close at $16.20 per share on Tuesday.


  • Learning from Others’ Mistakes

    Charlie Munger,Howard Marks - Learning From Others’ Mistakes

    “…the more hard lessons you can learn vicariously, instead of from your own terrible experiences, the better off you will be. I don’t know anyone who did it with great rapidity. Warren Buffett (Trades, Portfolio) has become one hell of a lot better investor since the day I met him, and so have I. If we had been frozen at any given stage, with the knowledge we had, the record would have been much worse than it is. So the game is to keep learning, and I don’t think people are going to keep learning who don’t like the learning process.” - Charlie Munger (Trades, Portfolio)

    I read a great article by John Mihaljevic, author of The Manual of Ideas, who constantly interviews some of the greatest investors of our time. The article is called “The Biggest Investment Mistakes – in the Words of Jean-Marie Eveillard (Trades, Portfolio), Howard Marks (Trades, Portfolio), et al.” You can read it here.


  • Howard Marks – The Most Important Thing

  • Both Buffett Indicator And Shiller P/E Continue to Imply Long Term Negative Market Returns; 2015 Market Valuation

    Howard Marks - Both Buffett Indicator And Shiller P/E Continue To Imply Long Term Negative Market Returns; 2015 Market Valuation

    At the beginning of 2014, when we wrote our periodical market valuation article, we wrote “Buffett Indicator And Shiller P/E Both Imply Long Term Negative Market Returns.” But guess what, 2014 was another strong year for the market. The S&P 500 index was up more than 13%. This is after a 30+% gain in 2013. Since the market recovery in 2009, the stock market has been up for 6 consecutive years. Where do you stand with the market valuation and implied return at the beginning of 2015?

    Buffett Indicator and Shiller P/E


  • Howard Marks: The Lesson of Oil

    Howard Marks - Howard Marks: The Lesson Of Oil Oaktree Capital's Howard Marks (Trades, Portfolio) just released his memo: "The Lesson of Oil". His memos are must reads:

    I want to probide a meno on this topic before I - and hopefully many of my readers - head out for year-end holidays. I'll be writing not with regard to the right price for oil - about which I certainly have no unique insight - but rather, as indicated by the title, about we can learn from recent experience  

  • Why Should You Start Writing?

    Warren Buffett,Charlie Munger,Howard Marks,Seth Kl - Why Should You Start Writing?

    Words for a distinguished style are impossible without having produced and shaped the thoughts, and no thought can shine clearly without the enlightening power of words.


  • Howard Marks Transcript Of Bloomberg Interview

    Howard Marks - Howard Marks Transcript Of Bloomberg Interview

    Summary of Interview

    Howard Marks (Trades, Portfolio) went on Bloombergs Television an discuss the crash in oil prices and the crisis in Russia with Stephanie Ruhle and Matt Miller. During the interview, Marks made it clear he want go anywhere near Russia's markets because he doesn't believe that the rule of law rules in the country, and doesn't believe that if you put your money in a Russian bank you'll get it back at the end. He discussed energy junk bonds and why Oaktree is buying energy bonds,and that he is working on a memo to shareholders about the leason from the oil price crash and the opportunities that its creates.


  • Howard Marks Wouldn't Touch Russia With A Ten-Foot Pole

    Howard Marks - Howard Marks Wouldn't Touch Russia With A Ten-Foot Pole

    Russian government debt now yields 17%. Howard Marks (Trades, Portfolio) isn't interested.

    According to Marks, an investor should not go into a place where you can't trust the rule of law.


  • Howard Marks – CFA Presentation: Dare To Be Great

    Howard Marks - Howard Marks – CFA Presentation: Dare To Be Great

    Oak Tree's Howard Marks (Trades, Portfolio) presented to the CFA Institute this week and focused his talk on the following subjects:

  • Howard Marks Buys 13 New Stocks in Q3

    Howard Marks - Howard Marks Buys 13 New Stocks In Q3 Howard Marks (Trades, Portfolio) is the co-chairman of Oaktree, a firm with $93 billion in assets whose primary focus is risk control. He is also famous for regularly penning memos. In his September memo, “Risk Revisisted,” he wrote:

    “Economic and company fundamentals in the U.S. are fine today, and asset prices – while full – don’t seem to be at bubble levels. But when undemanding capital markets and a low level of risk aversion combine to encourage investors to engage in risky practices, something usually goes wrong eventually. Although I have no idea what could make the day of reckoning come sooner rather than later, I don’t think it’s too early to take today’s carefree market conditions into consideration. What I do know is that those conditions are creating a degree of risk for which there is no commensurate risk premium. We have to behave accordingly.”  

  • Oaktree's Howard Marks Thinks Chinese Stocks Are Attractive

    Howard Marks - Oaktree's Howard Marks Thinks Chinese Stocks Are Attractive

    Oaktree's Howard Marks (Trades, Portfolio) thinks that Chinese stocks remain attractively valued. With all of the talk of a Chinese real estate bubble and weak Chinese economy, most investors wouldn't be looking to buy Chinese stocks.

    I suppose that is why stocks are attractively priced.


  • Howard Marks Remarks Before Questions And Answers

    Howard Marks - Howard Marks Remarks Before Questions And Answers

    Howard Marks (Trades, Portfolio) Chairman of Oaktree Capital Group remarks before Questions & Answers with wall street analysts.

    Howard Marks (Trades, Portfolio) Remarks - Thank you very much, Andrea. Good morning, everyone. I am delighted to join the call this time and I look forward to answering your questions at the end given all that we have been doing at Oaktree and all that is happening in the investment arena.


  • Howard Marks: Questions and Answers On Today's Conference Call

    Howard Marks (Trades, Portfolio), chairman of Oaktree Capital Group (OAK): Questions and answers today from a conference call with investors and Wall Street analyists.

    Questions & Answers


  • Is Walmart Still a Profitable Giant?

    Howard Marks - Is Walmart Still A Profitable Giant?

    Every dollar invested in Walmart (WMT) on January 13, 1978, would have been multiplied by nearly 976 times today. Walmart is one of the most succesful business stories in America, and that’s exactly what makes it the perfect study case.

    What drove Walmart during its early years that made them crush competitors?


  • A Hedge Fund Exposed to China-based Companies

    Over the past days hedge funds have been filing their form 13-F, which is a quarterly report of equity holdings by filed institutional investment managers with at least $100 million in equity assets under management, as required by the United States Securities and Exchange Commission (SEC). In this article, let´s concentrate in one particular hedge fund and try to see the principal holdings in its portfolio. I will look into Shah Capital Management LLC.

    Recently the fund reported its equity portfolio, as at the end of September. The total value of the portfolio amounted to $106.7million, up from $134.9million disclosed at the end of the previous quarter. Consequently, the fund's total return was negative 28.2 million in the last quarter. The filing revealed that at the end of September, the fund added no new positions to its equity portfolio and sold out 2 positions. The top ten portfolio holdings as of the end of the quarter represented 97.84%. The largest changes from previous 13-F´s fillings are in the tech and industrial sectors.


  • Howard Marks on Taking the High Road in Business and Investing

  • Second-Level Thinking From Another Angle

    Howard Marks,Charlie Munger - Second-Level Thinking From Another Angle

    In my last article I talked about how we could cultivate the routine of asking probing questions in order to think on another level. Asking the question “who doesn’t know that” is an idea I got from Howard Marks (Trades, Portfolio). While I think that is a good approach, I would also like to address this second level thinking idea from another angle, which I am fortunate enough to learn from one of the book recommendations from my hero Charlie Munger (Trades, Portfolio). This book is called Living Within Limits by Garrett Harding.

    In essence, this approach involves one of Munger’s big ideas – disproving evidence. It is harder than Howard Marks' (Trades, Portfolio) approach but it is also more thought provoking and deeper.


  • A Few Thoughts on Second-Level Thinking

    Howard Marks,Warren Buffett - A Few Thoughts On Second-Level Thinking

    In Chapter One of the Howard Marks (Trades, Portfolio) famous book The Most Important Thing, Howard talks about the importance of second-level thinking. To achieve better returns, you need “either good luck or superior insight.” Not only do you have to think differently, but also you have to think better.

    No doubt most readers on this forum have read Howard’s book and are familiar with the concept of second-level thinking. However, many of us are the victims of this famous quote by Yogi Berra – “In theory, there is no difference between theory and practice; in practice there is.”


  • Follow Howard Marks For A Possible Opportunity In Molycorp

    Howard Marks - Follow Howard Marks For A Possible Opportunity In Molycorp

    Molycorp (MCP) announced the successful close of its $400 million financing arrangement with Howard Marks’ Oaktree Capital Management on Sept. 11. The deal gives Molycorp a lifeline that has created a boom or bust scenario as rare earth metal company works to increase production at its Mountain Pass facility.

    Without the financing deal, Molycorp was on track to run out of cash by the end of the year. $156.4 million in cash was reported on the balance sheet ending June 30, 2014, operating cash flow was $-72.5 million and free cash flow was $-87.4 million for the second quarter. Oaktree has funded the company with $250 million and entered into a sale leaseback transaction where $139.833 million was paid for equipment including, but not limited to, parts of Molycorp’s natural gas powered co-generation plant, chloralkali facility and water treatment plant. The remaining $150 million in the deal will be made available with the achievement of consolidated adjusted EBIDTA of at least $20 million per quarter for two consecutive quarters, and a production volume from the Mountain Pass facility of at least 4,000 metric tons per quarter for two consecutive quarters by April 30, 2016. The deal lines up perfectly with the $230 million bond principal payment that is due on June 15, 2016. If the guidelines cannot be met, then a default will likely occur on the June 2016 bonds. The bonds are currently trading at a price of 68.01 with a yield of 27.855 percent.


  • Leon Cooperman, Howard Marks on Investment Strategy

    Leon Cooperman, Howard Marks - Leon Cooperman, Howard Marks On Investment Strategy Leon Cooperman (Trades, Portfolio), chairman and chief executive officer Omega Advisors Inc., and Howard Marks (Trades, Portfolio), chairman and co-founder of Oaktree Capital Management, talk about investment strategy and the outlook for financial markets. Bloomberg's Stephanie Ruhle moderates the discussion at the Bloomberg Markets Most Influential Summit in New York.


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