Howard Marks

Howard Marks

Last Update: 05-12-2015

Number of Stocks: 68
Number of New Stocks: 9

Total Value: $6,206 Mil
Q/Q Turnover: 7%

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

Howard Marks' s Profile & Performance

Profile

Chairman of Oaktree Capital Management LP. Since the formation of Oaktree in 1995, Mr. Marks has been responsible for ensuring the firm's adherence to its core investment philosophy, communicating closely with clients concerning products and strategies, and managing the firm.

Web Page:http://www.oaktreecapital.com/

Investing Philosophy

Oaktree Capital is involved in less efficient markets and alternative investments. The firm invests heavily in debt, preferred stocks, and convertible bonds.

Total Holding History

Top Ranked Articles

Howard Marks of Oaktree – What's Behind the Downturn
Re: What’s Behind the Downturn? In May, I observed in “How Quickly They Forget” that investors had returned to pro-risk behavior despite the lingering presence of significant macro worries. And then just three months later, a number of exogenous events caused the markets to undergo a significant decline and one of the greatest paroxysms of volatility ever seen. All of the reasons existed well before. Investors simply hadn’t taken them to heart. Read more...
Buffett Indicator and Shiller P/E Both Imply Long Term Negative Market Returns; 2014 Market Valuation
What a great year it was! The market was up 30%, the best year since the go-go years of 1990s.The good news is that our account balance is higher, investors are more bullish. The bad news is that we will see lower future returns. Read more...
12 Takeaways from Howard Marks’ Recent Memo: It’s All a Big Mistake
Oaktree Capital’s Howard Marks is one of the clearest thinkers on Wall Street. He has excoriated the Efficient market Theory in his regular memos, and has stressed the importance of second level thinking in his memos and book, “The Most Important Thing.” Marks typically releases about a half dozen missives per year, in addition to the firm’s investor letters. On June 20, his most recent memo came out, entitled “It’s All a Big Mistake.” You can get Marks’ memos going back to 1991 on Oaktree’s website. I encourage you to do so. They will make you a better investor. Read more...
The Problem with the Deficit? It’s Not Big Enough
Numerous quotes, commentaries, presentations, and letters by some great investors, such as Whitney Tilson, Howard Marks, and Arnold van den Berg, discuss the deficit, national debt, and the “unfunded entitlement” problems that are supposedly facing our economy. These great investors, who have been successful in analyzing businesses and corporate financial statements, make the mistake of applying their same reasoning directly to the U.S. Federal Government. This type of analysis leads to many errors because of one, crucial, overlooked detail: The finances of the Federal government in no way resemble that of a corporation. It’s like comparing apples to giraffes. Any comparison is illogical, impossible, and nonsensical. Read more...
What is Howard Marks of Oaktree Capital Worried About?
(GuruFocus, January 25, 2010) Oaktree Capital Management Howard Marks recently published a letter to his investors, entitled “Tell me I’m Wrong”. In the letter, Marks treated a subject he usually avoids: the future of the US economy, and in particular, he focused on the negative elements and reminded the reader once again that he is a worrier. Here are the things that worry him: Read more...
» More Howard Marks Articles

Commentaries and Stories

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Are You Playing Defense in This Market? Howard Marks,Warren Buffett - Are You Playing Defense In This Market?
Ouch. That’s how I felt in 2008 when my portfolio was down 28.6%. More...

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Howard Marks Investing More In Europe
Howard Marks (Trades, Portfolio) of Oak Tree Capital Group (NYSE:OAK) did a interview with Bloomberg Market Makers where he discusses his investment strategy and his outlook on the financial markets. He went on to discuss investment opportunities in Europe where he is finding bargain stocks. More...

BILLIONAIRE,HOWARD MARKS,EUROPE,VALUE INVESTING,DISTRESSED DEBT,LONG-TERM,


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Origins and Inspirations - Howard Marks' Talk at Google Howard Marks - Origins And Inspirations - Howard Marks' Talk At Google
Howard Marks (Trades, Portfolio) gave this great talk at Google about the origins and inspirations of his investment philosophy. The full video can be found here: More...

HOWARD MARKS


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Praxair Appears to be Trading Undervalued
Manning & Napier Advisors, Inc has recently initiated a new position on Praxair Inc. (NYSE:PX) with 30,886 shares. More...

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Risk and Uncertainty Redux: Part II Howard Marks - Risk And Uncertainty Redux: Part II
“90% of risk in our investment lives can be mitigated by doing nothing. The ability to sit and let long-term value creation work without expenses is the eighth wonder of the world. If you choose your investment wisely – by not overpaying, finding reasonable profitability, and seeking a competitive advantage – time can (in general!) only be your friend and not your enemy in investment returns”. More...

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Why High Growth Stocks Like Netflix are Risky and Priced for Perfection Howard Marks,Seth Klarman - Why High Growth Stocks Like Netflix Are Risky And Priced For Perfection
“High risk investments have higher rewards.” More...

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Howard Marks: The Uncomfortably Idiosyncratic Billionaire
As an undergraduate at Wharton in the 1960s, Howard Marks (Trades, Portfolio) stumbled upon one of the guiding principles of his life — the Buddhist concept of mujo. In his Japanese studies course, mujo was defined as “the turning of the wheel of the law.” Marks explains: “Change is inevitable. The only constant is impermanence. … We have to accommodate to the fact that the wheel turns and the environment changes.” This constant flux applies not only to human lives but economies and markets. “It’s very helpful to view the world as behaving cyclically and oscillating rather than going in a straight line. Everything is cyclical.” More...

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Why Howard Marks Of Oaktree Capital Management Is Buying More Dynegy
Dynegy (NYSE:DYN) is utility located in the Midwest, the Northeast and the West. The company generates power (26 gigawatts of capacity) through natural gas and coal plants and is the third-largest independent power producer after NRG Energy (NYSE:NRG) and Calpine (NYSE:CPN). Dynegy's capacity includes baseload, intermediate, and peak power plants. Several years ago Dynegy entered Chapter 11 after a severe decline in power prices left it unable to service its excessive debt. After exiting from Chapter 11 the company started acquiring assets at value prices and building out its operations again. Most recently it acquired 9.0 GW in PJM and 3.4 GW in New England from Duke Energy (NYSE:DUK) and Energy Capital Partners. Since exiting Chapter 11 total Mw capacity has increased by ~2,5x. More...

ENERGY, LONG, COAL, GAS,


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Risk Revisited Again – Howard Marks' Latest Memo Howard Marks - Risk Revisited Again – Howard Marks' Latest Memo
This is the latest memo from Howard Marks. Howard Marks is one of the very few clear thinkers of our time. We strongly recommend you to read this. More...

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Ray Dalio: My Most Fundamental Life Principles Ray Dalio,Howard Marks - Ray Dalio: My Most Fundamental Life Principles
In case you haven’t read them yet, Ray Dalio (Trades, Portfolio)’s Principles, which you can find here, are a compendium of advice on how to think differently, better and, therefore, beat the market and live a better life. As you may know, Dalio leads Bridgewater, one of the world’s most prominent hedge funds. After being successful over many years, there must be something that the firm is doing differently. Among other pecularities, Dalio has mentioned that he practices transcendental meditation and all the conversations (in every room) across Bridgewater are taped and made available for all the employees. More...

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The value investor’s tool box Howard Marks,Mohnish Pabrai,Bruce Berkowitz,Warren - The Value Investor’s Tool Box
We at Gurufocus have quite a solid idea as to what a value investor is, what he does and how he approaches investing. Nevertheless, I have compiled a list of tools that I believe should be in every Value Investor’s toolbox, and as such are the key skills needed to achieve outperformance, and continue to improve as a value-investor. More...

VALUE INVESTOR, BENJAMIN GRAHAM, WARREN BUFFETT, MOHNISH PABRAI, CHARLIE MUNGER, PETER LYNCH, LATTICEWORK, MENTAL MODELS


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Distressed-debt Investor Howard Marks Sells Five Holdings Howard Marks - Distressed-debt Investor Howard Marks Sells Five Holdings
Howard Marks (Trades, Portfolio) is the founder and chairman of Oaktree Capital Management, which is the world’s largest distressed-debt investor. More...

HOWARD MARKS, OAKTREE CAPITAL


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Locust Wood Capital Bet on Top Performer Valeant Pharmaceuticals HOWARD MARKS, WALLACE WEITZ, CHRIS DAVIS - Locust Wood Capital Bet On Top Performer Valeant Pharmaceuticals
Hedge fund Locust Wood Capital Advisers LLC disclosed an equity portfolio valued at some $792 million as of the end of the first quarter of 2015. The equity portfolio is mainly invested in Finance (29%), Consumer Discretionary (27%) and Health Care (17%) stocks. Two of the three main sectors are the same in which it invests Menta Capital LLC. More...

HEALTHCARE, STOCKS


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Howard Marks' Top 5 New Buys of First Quarter Howard Marks - Howard Marks' Top 5 New Buys Of First Quarter
Howard Marks (Trades, Portfolio) is the founder of Oaktree Capital Management, a management form with $99 billion in assets under management. The firm focuses on less efficient markets and alternative investments to achieve superior returns while minimizing risk. More...

NEW BUYS, STOCK


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Joel Greenblatt: Conversation With Whaton
Joel Greenblatt (Trades, Portfolio) recently sat down and had a conversation with Whaton which was moderated by legendary distree debt investor Howard Marks (Trades, Portfolio) of Oaktree Capital. Throughout the interview Joel Greenblatt (Trades, Portfolio) discussed a variety of topics ranging from diversification to capital allocation. More...

JOEL GREENBLATT,HOWARD MARKS,VALUE INVESTORS,VALUE INVESTING,WHATON,BILLIONAIRE,WARREN BUFFETT,CAPITAL,


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Grantham, Marks and Gundlach Reveal Their Biggest Investing Hits And Misses
From The Wall Street Journal: More...

Jeremy Grantham, Howard Marks


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A Conversation between Joel Greenblatt and Howard Marks Joel Greenblatt,Howard Marks - A Conversation Between Joel Greenblatt And Howard Marks
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Top Investors Share Their Learned Lessons from Success and Failure Jeremy Grantham, Howard Marks, Charlie Munger - Top Investors Share Their Learned Lessons From Success And Failure
The Wall Street Journal interviewed Rob Arnott, founder and chairman of Research Affiliates, Jeremy Grantham (Trades, Portfolio), chief investment strategist at GMO LLC, Howard Marks (Trades, Portfolio), Co-chairman at Oaktree Capital Management, and Jeffrey Gundlach, CEO of DoubleLine Capital LP and asked them about their greatest successes and failures, and the lessons that stemmed from those experiences. I found the article to be very enriching given what Munger mentioned about learning vicariously: More...

Jeremy Grantham, Howard Marks, Charlie Munger


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There Are No Compelling Bargains - Howard Marks Howard Marks - There Are No Compelling Bargains - Howard Marks
Howard Marks (Trades, Portfolio) is having a hard time finding bargains. In fact he doesn't really see any bargains today. More...

EUROPEAN STOCKS, INTERNATIONAL MARKET


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Securities in an Insecure World - Notes on a 1963 Lecture by Ben Graham Warren Buffett, Howard Marks - Securities In An Insecure World - Notes On A 1963 Lecture By Ben Graham
Recently, the Wall Street Journal published some notes from a lecture by Benjamin Graham that occured in 1963. In there, as usual, the brilliant insight of Mr. Graham shines across the lecture. Since it is a large document, I decided to share and comment some of the most important points from my point of view. More...

COMMON STOCKS


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User Comments

Goforit
ReplyGoforit - 1 year ago
Also, if you do not have the performance record, then how do you even know that they deserve to be in the Guru list? Maybe they should not be listed?
Goforit
ReplyGoforit - 1 year ago
How are premium members of GuruFocus supposed to evaluate the list of Gurus when more often than not there is no historical performance records. Most of the time the "profile/performance" tab does not have anything on performance. Why not? Maybe it should just be called the "profile" tab. This is very frustrating.

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