Howard Marks

Howard Marks

Last Update: 05-17-2017

Number of Stocks: 62
Number of New Stocks: 11

Total Value: $4,116 Mil
Q/Q Turnover: 9%

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

Howard Marks Watch

  • Howard Marks on the Truth About Investing

    Howard Marks (Trades, Portfolio) is one of Wall Street’s most astute value investors. He is known in the investment community for his Oaktree memos to clients, which detail investment strategies and insights on the economy. These memos are always highly informative as Marks has an unrivaled view of Wall Street. His Oaktree Capital invests in distressed assets, the very essence of value investing, and in 2008, Oaktree raised $10.9 billion from investors, making it the largest distressed-debt fund in history. Oaktree’s 17 distressed debt funds have achieved annualized returns of 19% per annum after fees for the past 22 years.


    With such a wealth of experience behind him, it always pays to listen to Marks on investing. One of his more recent presentations took place earlier this year when he explained to an audience of CFA analysts in India the so-called “truth about investing.” Here are some extracts from the presentation.

      


  • 8 Stocks Van Den Berg Continues to Buy

    Arnold Van Den Berg (Trades, Portfolio), a value investor, founded Century Management in 1974. In both first-quarter 2017 and fourth-quarter 2016 the guru bought shares in the following stocks.


    Liberty Braves Group (BATRK)

      


  • Oaktree Capital Makes 23 Times Investment on Turnaround Play

    Oaktree Capital Management, which specializes in alternative investments, detailed its return on a food producer more typical of a tech company in a conference call Wednesday – the culmination of a nine-year turnaround.


    The firm, founded by veteran investor Howard Marks (Trades, Portfolio), will sell its 43% stake in AdvancePierre Foods (NYSE:APFH) as part of an announcement Tuesday that the company it would be acquired by Tyson Foods (NYSE:TSN) for $40.25 a share, or $4.2 billion. The buyout gave Oaktree a return around 23 times the capital it originally put up, a fact touted in its first quarter earnings call.

      


  • Ken Fisher Buys Vodafone, Daimler, Itau Unibanco

    Fisher Asset Management founder Ken Fisher (Trades, Portfolio) gained 78 new holdings during the first quarter of the year. His top three buys were Vodafone Group PLC (NASDAQ:VOD), Daimler AG (DMLRY) and Itau Unibanco Holding SA (NYSE:ITUB).


    Fisher founded his firm in 1979. He currently serves as the CEO and chief investment officer. The firm uses a top-down approach to determine which countries and sectors will generate the highest returns.

      


  • The Most Important Lessons: Acknowledging That We Don't Know

    One of my favorite chapters of the book “The Most Important Things” is Chapter 14 – "Knowing What You Don’t Know." In it, Howard Marks (Trades, Portfolio) shrewdly pointed out the following:


      


  • 7 Stocks With Growing Book Values

    The following companies have grown their book values per share (BV/S) over the last 10 years.


    BV/S is calculated as total equity minus preferred stock, divided by shares outstanding (EOP). Theoretically it is what the shareholders will receive if the company is liquidated. Total equity is a balance sheet item and equal to total assets minus total liabilities. Because the BV/S may not reflect the company’s true value, some investors check the tangible book value to confirm their investment ideas.

      


  • Stocks With Growing Book Values and Margins of Safety

    The following companies have a growing book value per share (BV/S) over the last 10 years.


    BV/S is calculated as (total equity – preferred stock)/shares outstanding (EOP). Theoretically it is what the shareholders will receive if the company is liquidated. Total equity is a balance sheet item and equal to total assets less total liabilities. Because the BV/S may not reflect the company’s true value, some investors check even the tangible book value to confirm their investment ideas.

      


  • 19 Questions With Gautam Baid, Portfolio Manager, Global Equities

    1. What is the best investment advice you have ever been given?


    It was undoubtedly the one shared by Benjamin Franklin – "An investment in knowledge pays the best interest." In today’s age of ever increasing automation, one needs to be a learning machine to remain forever relevant in the workforce as well as in one’s business. As so beautifully articulated by Charlie Munger (Trades, Portfolio), “Develop into a lifelong self-learner through voracious reading; cultivate curiosity and strive to become a little wiser every day.”

      


  • Learning From the Best: Keep Emotion Out of It

    As an investor keeping emotions under control is probably one of the most important skills required to be successful over the long term. Famous investors such as Warren Buffett (Trades, Portfolio) and Seth Klarman (Trades, Portfolio) have mastered this skill, which is why they can buy when others are fearful and make billions from volatile markets.


    If it weren’t for the tens of thousands of highly emotional investors who cause market volatility, which throws up the opportunities for these value investors to take advantage of, their returns wouldn’t be as outstanding as they are.

      


  • Oaktree Boosts Stake as Largest Shareholder in SunOpta

    Oaktree, where value investing thought leader Howard Marks (Trades, Portfolio) is co-chairman, increased its stake last Friday in SunOpta Inc. (NASDAQ:STKL), a company where it is pushing for change as the biggest shareholder but where few other prominent value investors have been active.


    Oaktree found opportunity to increase its position when a weak earnings report released March 1 precipitated a decline in the company’s stock price. Shares of SunOpta dropped 15.3% from the market’s close Feb. 28 through March 2, registering their lowest price since August at $6.10 a piece. On March 3, Oaktree bought 3 million additional shares, reflecting a 26.5% holding increase that built his ownership to 14,333,333 shares, or 16.7% of the company.

      


  • A Review of Lawrence Creatura’s 'Long and Short: Confessions of a Portfolio Manager'

    Lawrence Creatura, principal at Long Short LLC, recently shared his insights from over two decades of investing in markets. The following are my takeaways from "Long & Short: Confessions of a Portfolio Manager."


    Identify your comparative advantage

      


  • 8 Undervalued Stocks for the Peter Lynch Ratio

    According to the GuruFocus All-in-One Screener, several gurus are focusing on stocks whose Peter Lynch fair values are far above the current prices. The following stocks are trading with wide margins of safety and have positive performances over the past 12 months.


    Wi-LAN Inc. (WILN) is trading around $1.83 per share. The Peter Lynch value gives the stock a fair price of $2.3 so the stock is undervalued with a margin of safety of 22%. Twelve weeks back the stock started its positive upward trend; it now registers a positive performance of 36.3%.

      


  • Stocks With the Worst Returns in Gurus' Portfolios

    While gurus hold positions in these companies, the stock price and returns continue to fall. These are the worst-performing stocks over the last three months with a long-term presence in more than four gurus’ portfolios.


    Dynegy Inc. (DYN) had a negative performance of 29.8% over the last six months. Despite this, four mutual funds are holding the stock with a total weight of 2.66% on their portfolios.

      


  • Howard Marks' Oaktree Buys Texas Oil Company Reporting Jump in Reserves

    Managers at investor Howard Marks' Oaktree amassed a 10% stake in a Frisco, Texas based oil and gas company, Comstock Resources, on the day it announced a swell in its calculated proved reserves that triggered a pop in its stock price.


    Comstock Resources (NYSE:CRK) said it ended December with reserves of 7.3 million barrels of crude oil and 872 billion cubic feet of natural gas, a 47% jump from the end of last year. Using a 10% discount rate, it estimated the future net cash flows of the reserves, before income taxes, to have a present value of around $431 million. The calculation used modest price estimates of $2.29 per million cubic feet of natural gas and $37.62 per barrel for oil, 2% and 20% lower than figures used in 2015.

      


  • The Question You Should Ask Before Buying a Stock

    My view that the world is becoming more complicated has made me revisit value investing’s core principle. This is me thinking out loud and not an attempt to convince anyone of any particular view. To start, here are beliefs that anchor my thinking:


    1. We all have limited ability to input, retain, process and output information.
    2.   


  • 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

    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

    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

    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 (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.

      


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