Howard Marks

Howard Marks

Last Update: 08-14-2018

Number of Stocks: 72
Number of New Stocks: 13

Total Value: $4,982 Mil
Q/Q Turnover: 28%

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

Howard Marks past Portfolios

Howard Marks 13F Filings

Portfolio DateNumber of StocksTotal Value (Mil)Number of New StocksQ/Q Turnover
2018-06-3084$4,9821328%
2018-03-3177$4,130610%
2017-12-3181$4,16757%
2017-09-3081$4,245810%
2017-06-3078$3,8751936%
2017-03-3172$4,116119%
2016-12-3166$3,655104%
2016-09-3076$4,412932%
2016-06-3074$2,546812%
2016-03-3172$2,42478%
2015-12-3171$4,23195%
2015-09-3076$4,31864%
2015-06-3077$5,328910%
2015-03-3174$6,20697%
2014-12-3172$6,0661137%
2014-09-3065$3,2311316%
2014-06-3061$2,79977%
2014-03-3163$2,58177%
2013-12-3166$2,6301211%
2013-09-3061$2,15999%
2013-06-3065$1,94094%
2013-03-3158$1,83975%
2012-12-3159$2,4051110%
2012-09-30177$2,7051224%
2012-06-30185$5,27714966%
2012-03-3147$3,32882%
2011-12-3152$5,028921%
2011-09-3049$2,589128%
2011-06-3059$3,0171013%
2011-03-3150$3,8141740%
2010-12-3158$2,138931%
2010-09-3051$2,69400%

Howard Marks 13D/G Filings

Filing date : 2018-07-20,

Howard Marks Watch

  • Howard Marks: We Are in the 8th Inning

    Howard Marks (Trades, Portfolio) of Oaktree Capital was just interviewed at the 2018 Delivering Alpha conference. Marks (Trades, Portfolio) is the author of :The Most Important Thing" and the upcoming "Mastering the Market Cycle." He has been the chairman of Oaktree Capital Management LP since the inception of Oaktree in 1995. His public memos are famous in the investing world and Warren Buffett famously said they are the first thing he reads when he finds them in the mail.


    I read everything Marks puts out and try to listen closely when he speaks somewhere. There are a few key takeaways from this appearance although his message remains nuanced.

      


  • Howard Marks: Keep Cool and Buy Right-Priced Securities

    CNBC reported live from the Delivering Alpha conference Wednesday and interviewed Howard Marks (Trades, Portfolio), co-chairman of Oaktree Capital.

    Marks, known for his thoughtful memos, warned that when the market lost momentum, the end would be worse for FAANG (Facebook, Alphabet, Apple, Netflix and Google) stocks and ETFs that hold them.   


  • The Jim Carrey Parable

    Today’s popular stocks have literally overwhelmed the stock market in the last four years and six months. To understand today’s financial euphoria, we will analyze three terrific movies made by the actor, Jim Carrey. In "Liar Liar," "The Truman Show" and "Bruce Almighty," we learn morals that we believe should guide us in the long-duration investment process.


    "Liar Liar" is the story of a fast-track lawyer who was fast and loose with the truth. His son makes a wish, while blowing out his birthday candles, that his dad can't lie for 24 hours and his wish comes true. The humor comes from the pain Carrey’s character, attorney Fletcher Reede, feels as he goes through the day. He had to tell the truth to virtually everyone he encountered, including his female boss, his ex-wife and his executive assistant. The moral of the story is it is always ultimately better to tell the truth.

      


  • Howard Marks: The Opportunity for Value Investors

    Howard Marks (Trades, Portfolio)'s memos are always full of insightful comments and food for thought. His latest offering is no exception.


    The memo dated June 18 tackles the issue of passive investing and automated quant investing. When I say tackles the issue, the memo considers the pros and cons of these developments, and how investors can profit in the current environment.

      


  • Howard Marks Posts June Memo: Investing Without People

    Howard Marks (Trades, Portfolio), co-chairman of Oaktree, released his latest memo, "Investing Without People," this week.

    The letter covers the evolution of investing into more mechanical and automated processes rather than active management by a human. Marks discusses passive investing and ETFs, quantitative investing, and artificial intelligence and machine learning. He then concludes by delving into their effect on traditional investing, the markets and professional investing.   


  • 'Time Travel' With Pharmaceutical Distributors Part 1 - First-Level Information and Thinking


    “What everyone knows is usually unhelpful at best and wrong at worst.”

      


  • Risk, Howard Marks and Probability Investing

    Investing is a business of risk and reward. Balancing risk with reward is critical if you want to be a successful investor and generate outsized returns over the long term.


    According to Howard Marks (Trades, Portfolio), it is the "indeterminate nature of future events" that creates investment risk. Trying to accurately predict what may happen one, three or five years from now is impossible. If we knew everything that was going to happen, there would not be any risk and investing would be significantly easier.

      


  • Worried About the Market? Protect Yourself With Valuation

    What You’ll Learn




  • Howard Marks’ Oaktree Invests in Struggling Mortgage Lender

    Howard Marks (Trades, Portfolio)’ Oaktree Capital Management disclosed that it established a position in Ditech Holding Corp. (NYSE:DHCP) on Feb. 28, following the completion of the company’s restructuring plan.


    According to GuruFocus Real-Time Picks, Oaktree invested in 962,455 shares of the Pennsylvania-based company, which was formerly known as Walter Investment Management, for an average price of $10.19 per share, giving it 0.23% portfolio space.

      


  • Howard Marks’ Oaktree Starts 5 New Positions in 4th Quarter

    Howard Marks (Trades, Portfolio)’ Oaktree Capital Management released its fourth-quarter portfolio last week, listing five new holdings.


    The alternative investment management company, which was founded in 1995, says on its website it focuses on delivering superior results while observing its six-tenet investment philosophy: risk control, consistency, market inefficiency, specialization, bottom-up analysis and disavowal of market timing.

      


  • The Importance of Consistency

    In my last article, I briefly discussed Netflix Inc. (NASDAQ:NFLX). I think it might be useful to circle back to that discussion to address the main point I was trying to make.


    Here is what I wrote:

      


  • 'Moneyball', FAANG and Buying Opportunities

    For me, writing is like riding a bike. When I am putting together a new article every few days, the ideas seem to come easily. On the other hand, when I take a prolonged break, the well runs dry.


    Lately, it has been the latter. I did not write in September - and not because I was particularly busy. Simply put, I did not have anything to say that I thought was worth your time.

      


  • Howard Marks and James Montier: Expect Lower Equity Returns

    Howard Marks (TradesPortfoliorecently published a memo titled "There They Go Again... Again," which has reportedly attracted the most interest “in the 28 years I’ve been writing memos, with comments coming from Oaktree clients, other readers, the print media and TV.”


    It is easy to understand why the memo has sparked such interest. In it, Marks warns the current market environment has many similarities today to that of the dot-com bubble and pre-financial crisis bubble. He also weighed in on the opportunity presented by bitcoin and other trends currently overtaking the market. The response to the original memo has been so great, Marks decided to write a response outlining the lessons he has learned from speaking with readers and listening to criticism. As always, the memo is highly recommended reading.

      


  • Howard Marks Responds to Critics With Memo: 'Yet Again?'

    Howard Marks (Trades, Portfolio), widely followed investor at Oaktree Capital, posted a memo on Thursday titled “Yet Again,” to push back at the firestorm his previous post “There They Go Again… Again” ignited in July. Marks’ latest clarifies statements he believed some clients, readers and media pundits misunderstood. In the process, he gives more details of his thinking on topics ranging from value investing to Bitcoin. He also makes his definitive statement on Facebook (NASDAQ:FB), Amazon (NASDAQ:AMZN) and other FAANG stocks.


    Read the memo here.

      


  • Lessons From the Past: Returns Without Risk

    Howard Marks (Trades, Portfolio)' regular memos should be required reading for every investor. Over the years, he has delivered some incredibly insightful comments about all areas of investing, but mainly value investing as this is where Oaktree specializes.


    Marks has been managing money for decades, and his memos are a record of his views during multiple market environments. Of interest are Marks’ commentaries around the dot-com and 2007 bubbles.

      


  • What Does Howard Marks See in Vistra Energy?

    According to aggregated second quarter 13F filing data, the second-largest stock buy among significant value funds last quarter was Vistra Energy Corp. (NYSE:VST). Vistra made it into the top 10 thanks to activity from one large investor, Howard Marks (Trades, Portfolio).


    During the quarter Marks acquired 50.3 million shares of the company at an average price of $16.80 per share, making it the largest holding in his equity portfolio accounting for 25.3% of the $3.34 billion equity portfolio managed by his firm Oaktree Capital Management.

      


  • Read Howard Marks' Memo: There They Go Again... Again

    Some of the memos I’m happiest about having written came at times when bullish trends went too far, risk aversion disappeared and bubbles inflated. The first and best example is probably “bubble.com,” which raised questions about Internet and e-commerce stocks on the first business day of 2000. As I tell it, after ten years without a single response, that one made my memo writing an overnight success.

      


  • Howard Marks' Oaktree Buys Into Small Businesses Through Fifth Street Finance

    Two weeks after Oaktree Capital, a global investment manager founded by Howard Marks (Trades, Portfolio), announced it would become investment adviser to two business development companies, Fifth Street Finance Corp. (FSC) and Fifth Street Senior Floating Rate Corp. (FSFR), it disclosed Monday it would also obtain certain voting rights through beneficial ownership of shares as part of the deal.


    According to a filing, Oaktree will also be deemed to have voting control over 19.2%, or 27,044,419 shares of Fifth Street Finance Corp. Through an agreement, the holders of the shares will vote according to Oaktree's directions. The agreement comes as part of Oaktree's deal to become the company's investment adviser.

      


  • Some Signs of 'Competitive Pressures' in Credit

    I recently finished “The Most Important Thing” by Howard Marks (Trades, Portfolio), the chairman of Oaktree Capital. Marks' ability to lay out all the relevant considerations on any given topic in a way that is easy to follow and understand is what I most appreciate about his writing. As usual, I made the mistake of waiting so long: "The Most Important Thing" is one of the best investing books I have read in some time. If you have not read it yet, you should move it to the top of your list.


    One concept I found particularly interesting was the discussion on credit cycles. In the book, Marks refers to a December 2007 memo that outlines a few of the major themes of a financial crisis. Here is a shortened list of the one's most relevant to this article:

      


  • Don't Blame the Market

    Over the past decade, a number of renowned value funds have significantly underperformed the market.


    Fascinated by this fact, I read the most recent 10 years investor letters of most of the underperforming gurus. As I covered in my last article, there’s a variety of excuses, some legitimate and some dubious at best. All concluded that the strategies will work in the future because they have worked in the past; before the underperformance began, none suggested a change was needed. What I found disturbing is not necessarily the excuses but the inconsistency between what they say versus what they have done. But perhaps that’s ubiquitous so I’ll leave that out of today’s discussion.

      


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