The Wise Words of Howard Marks
background
Howard Marks is a US based fund manager who specialises in distressed debt investing. In 1995, he co-founded Oaktree Capital Management after having previously worked at TCW Group and Citicorp.
From time to time he writes what have become a highly regarded staple of investment wisdom - his 'memos to clients'. Whilst they are freely available to everyone, it is remarkable the quality of the discussion that is provided. These memos are well written and cover many of the important issues related to portfolio management and financial markets in general. The way he distills what would otherwise be highly complex issues related to the inner workings of financial markets down into easy to digest pieces, is emblematic of his mastery of the subject. One feels smarter and more illuminated after having read each memo, and indeed, over time perceives finance differently, especially when it comes to risk vs. reward and the impact of human behaviour on financial markets - arguably the biggest influence of them all.
learning material
A complete history of all his memos may be found here and we would encourage reading each and every one.
Provided below is a subset of must reads from recent years. Enjoy.
Talks at Google presents "Howard Marks: The Most Important Thing - Origins and Inspirations" dated 29 March 2015. Slides to presentation located here.
Live Talks Business Forum dated 30 January 2014.