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Howard Marks - Oaktree

  • - Updated
  • 23. November 2023

Profile

Company: Oaktree Capital Management || Position: Co-chairman, co-founder

Date of employment: 1995 || Link: https://www.oaktreecapital.com/

Howard Marks is an American investor and co-founder of Oaktree Capital Management – the world’s largest investor in distressed securities. Marks graduated from Wharton with a major in finance and an MBA from Chicago Booth.

Marks started his career as an equity analyst at Citigroup in 1969, where he remained until 1985, when he joined TCW Group, focusing on debt and bonds. Together with a group of colleagues from TCW, he started Oaktree in 1995, where he remains today.

Marks is known far and wide for his investment books as well as his excellent memos, in which he regularly gives his perspective on the market and various investment topics.

Investment philosophy

Marks and Oaktree follow six basic investment principles:

  • The goal is to outperform the market with less risk. Their top priority is to prevent losses “if we avoid the losers, the winners will take care of themselves.”
  • Focus on consistency: They want reasonable returns in all years, rather than a few spectacular years and very bad years. Or as they say: a “high batting average”.
  • The importance of market inefficiencies. Skill and hard work can give investors a knowledge advantage, but this is typically only possible in less efficient markets. That’s the only place Oaktree invests.
  • Specialization is the surest way to a good return. Oaktree’s portfolios therefore keep a sharp focus on a specific strategy (e.g. value) or asset class (e.g. junk bonds)
  • Macro predictions are not necessary for outstanding investment performance. Their focus is on bottom-up investigations of companies and their respective industries.
  • Denial of market timing. Oaktree can be more or less defensive in their investments, but they will never try to time the market by increasing their cash position.

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InvestorNews & Articles


Howars Marks: Take advantage Of Trumps Own Goal


April 21, 2025

In his latest memo “Nobody Knows (Yet Again)”, Howard Marks addresses the profound uncertainty facing investors and policymakers amid recent upheavals in global trade and economic policy. Drawing on parallels to the 2008 financial crisis and the Covid-19 pandemic, Howard emphasizes the limits of forecasting in unprecedented situations and the importance of rational, flexible decision-making despite the absence of clear answers.


Howard Marks: Value matters more than quality


March 28, 2025

In this interview, Howard Marks shares his investment philosophy and lessons learned over his 55-year career, including contrarian investing, value versus quality and the inevitable market cycles.


Howard Marks: Credit Offers a Better Deal Than Equities


March 11, 2025

In his recent memo, Howard Marks discuss the current state of the credit market, focusing on high-yield bonds and the implications of narrow yield spreads. Howard emphasizes that while spreads are important, total returns are what ultimately matter for investors.


Howard Marks: Focusing on Excellence with Guy Spier


February 3, 2025

In this insightful podcast, Howard Marks, co-founder of Oaktree Capital, and Guy Spier, founder of Aquamarine Capital, share timeless investment wisdom. The discussion delves into essential principles for successful investing, including understanding market cycles, practicing second-level thinking, managing risk, and adopting long-term, contrarian strategies.


Howard Marks: Don’t Rely on Economic Predictions


November 7, 2024

In a recent interview, Howard Marks argues that economic forecasting offers little value to investors. He notes that even top investors like Warren Buffett steer clear of relying on economic or market predictions when making decisions.



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Disclaimer

The above has been prepared by Børsgade ApS for information purposes only and cannot be regarded as a solicitation or recommendation to buy or sell any security. Nor can the information etc. be regarded as recommendations or advice of a legal, accounting or tax nature. Børsgade cannot be held liable for losses caused by customers’/users’ actions – or lack thereof – based on the information in the above. We have made every effort to ensure that the information in the above is complete and accurate, but cannot guarantee this and accept no liability for errors or omissions.

Readers are advised that investing may involve a risk of loss that cannot be determined in advance, and that past performance and price development cannot be used as a reliable indicator of future performance and price development. For further information please contact info@borsgade.dk

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