Howard Marks

Howard Marks

Last Update: 2014-02-11

Number of Stocks: 79
Number of New Stocks: 12

Total Value: $5,442 Mil
Q/Q Turnover: 11%

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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Success Often Depends on Choosing the Right Investment Horizon - Tocqueville Asset Management
With Age Comes Wisdom…Before Senility More...

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Howard Marks Memo: Dare to Be Great Part II
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Mexico’s Media Landscape is Changing, but Will it Affect Televisa’s Profits?
The Mexican legislative landscape has been changing over the past few months, and last week President Enrique Pena Nieto proposed a bill to rein in the country’s largest industry players, in order to reduce some of their concentrated market power. While Carlos Slim’s America Movil SAB de CV (ADR) (AMX) will likely suffer the most from bill, prohibiting his firm to enter the TV industry until 2016, Grupo Televisa, S.A.B. (TV) will also have to pull back on its market expansion, in order to make room for new market entrants. However, many investment gurus like Pioneer Investments (Trades, Portfolio) and Howard Marks (Trades, Portfolio) remain confident that the TV giant will continue to do well in the future, More...

TELEVISION,PAY-TV,CABLE,MEDIA,MEXICO,BROADCAST CHANNELS,UNIVISION


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Howard Marks on Luck, Risks and the Job That Got Away
In 1969, Howard Marks (Trades, Portfolio) — armed with degrees from Wharton and the University of Chicago’s Booth School of Business – was still unsure what career he wanted to pursue. He interviewed for “literally seven different jobs in seven different fields,” including consulting, accounting, treasury management and investment banking, among others. There was one job, Marks said, that he wanted more than all the others. He did not get it. More...

HOWARD MARKS


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Global Market Valuations and Expected Returns – March 6, 2014 Daniel Loeb,Howard Marks - Global Market Valuations And Expected Returns – March 6, 2014
In January 2014, the U.S. stock market benchmark S&P 500 lost 3.36% after an excellent 2013. The enthusiasm went back as the market gained 4.31% over February. The S&P 500 continuously hit new highs. What is the situation in the other parts of the world? In February, the key indexes in Europe surged. Germany’s DAX index increased 4.14%. France’s CAC-40 index gained 5.82%. The FTSE 100 index was up 4.60%. Stock markets performances in Asia were weak when compared with in Europe. Japan’s NIKKEI 225 moderately decreased 0.49%. Hong Kong’s Hang Seng Index gained 3.64% and China’s SSE Composite index was up 1.14%. More...

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Weekly Guru Bargains Highlights: VOD, EC, PBR
According to GuruFocus updates, these stocks have declined the most since Gurus have bought. More...

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Howard Marks interview by Christoph Gisiger
Christoph Gisiger conducted the following interview with Howard Marks (Trades, Portfolio) in last week of February 2014. Christoph is from Finanz und Wirtschaft, a Swiss paper. Howard Marks (Trades, Portfolio) is chairman of Oaktree Capital, author of “The Most Important Thing”, countless memos and a guru in the field of value investing. More...

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Howard Marks Thinks Value Investing Has Gotten Much Harder over the Course of His Career
Howard Marks (Trades, Portfolio) says his luckiest day in investing came when in 1978 his employer Citibank told him to check into junk bond king Mike Milken. More...

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Weekly Guru Bargains Highlights: PBR
According to GuruFocus updates, these stocks have declined the most since Gurus have bought them. More...

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Weekly Guru Bargains Highlights: PBR
According to GuruFocus updates, these stocks have declined the most since Gurus have bought. More...

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Caesers: A Case of Make It or Break It?
Managing a successful business in the domestic casino industry can be tricky, considering the discretionary nature of spending and cyclicality of this market. Although some industry giants, like MGM Resorts International (MGM) or Pinnacle Entertainment Inc. (PNK), have sustained their financial volumes over time, this is not the case of Caesars Entertainment Corp. (CZR). Ever since the 2009 recession, the company has been struggling to pay off its debt and generate free cash flow, causing investment gurus like Howard Marks (Trades, Portfolio) and Richard Perry (Trades, Portfolio) to sell out their company shares. Will this firm be able to regain its once powerful domestic market position, or More...

CASINO,LEISURE,ENTERTAINMENT,GAMING,LAS VEGAS,HARRAH'S,CAESARS,HORSESHOE


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Howard Marks' Top 5 New Buys Howard Marks - Howard Marks' Top 5 New Buys
Widely followed investors Howard Marks (Trades, Portfolio) of Oaktree Capital (OAK) updated his fourth quarter portfolio today. Marks’ portfolio has a $5.4 billion fair value and contains 79 long positions. The guru introduced 12 new stocks during the fourth quarter, for 11% quarter-over-quarter turnover. More...

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Howard Marks Top Five Howard Marks - Howard Marks Top Five
Howard Marks (Trades, Portfolio) is the Chairman of Oaktree Capital, and has been responsible for ensuring the firm’s adherence to its investment philosophy and communicating with clients and managing the firm since 1995. Oaktree Capital specializes in less efficient markets and alternative investments while staying away from high risk. More...

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What Did Howard Marks Buy Last Quarter?
Howard Marks (Trades, Portfolio) is one of the clearst thinkers on Wall Street. His memos are required reading according to Warren Buffett (Trades, Portfolio) and he has provided investors with consistent high returns since founding Oaktree in 1995. More...

SCAI, MCF, CCIPRA


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Global Market Valuations and Expected Returns – Feb. 6, 2014 Daniel Loeb,Howard Marks - Global Market Valuations And Expected Returns – Feb. 6, 2014
The U.S. stock market had an excellent 2013. The performance of all three major U.S. stock indexes was the best since the financial crisis in 2008. What is the situation in the other parts of the world? Among the key markets in Europe in 2013, Germany’s DAX index increased 25.48%. France’s CAC-40 index rose 17.99%. The FTSE 100 index went up 14.43%. Stock markets performances in Japan were strong. Japan’s NIKKEI 225 surged by 56.72%. Hong Kong’s Hang Seng Index was up only 2.87% and China’s SSE Composite index decreased 6.75%. More...

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Watsa, Ross and Marks Following the Success of EXCO's Transaction
This first month of the year has been successful for EXCO Resources Inc. (XCO) as three hedge fund managers have invested in it. They are: Prem Watsa (Trades, Portfolio), which added the stock at an average price of $4.88 and currently holds 17.538.912 shares, Wilbur Ross (Trades, Portfolio) also added the stock at $4.74 holding 51.107.800 shares and finally, Howard Marks (Trades, Portfolio) at an average price of $4.99 and 45.251.182 shares of the stock. More...

LONG, ENERGY, RESOURCES, OIL, WILBUR ROSS, PREM WATSA, JOHN KEELEY, JIM SIMONS, XCO, SD, COG, PVA, RRC, SM, SWN, NFX, PXD, WLL. CLR, BRY, EXCO


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BlackBerry - I Was Lucky Arnold Van Den Berg,Howard Marks - BlackBerry - I Was Lucky
More than three months ago, I wrote the following article about what I thought was a merger arbitrage play on the announced Fairfax (TSX:FFH) and BlackBerry (BBRY) deal: More...

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Howard Marks Increases Stake in Largest Holding EXCO Resources Howard Marks - Howard Marks Increases Stake In Largest Holding EXCO Resources
Howard Marks (Trades, Portfolio), founder of Oaktree Capital (OAK), has increased his shareholding of EXCO Resources Inc. (XCO), a stock that is down 34% from three months ago to near a 10-year low. More...

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Getting Lucky - Oaktree's Howard Marks January Memo
Sometimes these memos are inspired by a single event or just one thing I read.  This one – like my first memo 24 years ago – grew out of the juxtaposition of two observations.  I’ll introduce one here and the other on page seven.  Contrary to my wife Nancy’s observation that my memos are “all the same,” the subject here is one I’ve rarely touched on. More...

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Buffett Indicator and Shiller P/E Both Imply Long Term Negative Market Returns; 2014 Market Valuation Howard Marks,Jeremy Grantham - 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. More...

Add Notes, Comments or Ask Questions

User Comments

Goforit
ReplyGoforit - 3 weeks 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 - 3 weeks 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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