howardmarks
Did you know that Marks made only five call over his 50-year career? Billionaire investor Howard Marks is famous for many things, but here’s a fact that may surprise even his most devoted followers. Over his 50-year, ultra-successful career in money management, he made only five calls. You read that right. Marks, whose net worth is $2.2 billion as of 2022, made less than half a dozen calls to build the lion’s share of his clients’ fortune. Although the number of his calls was startlingly low, their significance was not. These were monumental predictions, like anticipating the burst of the dot-...
ValueWalk
Howard Marks memo to Oaktree clients for the month of March 2022, titled, “The Pendulum in International Affairs.” As regular readers of my memos and books know, I’m strongly interested in – you might say obsessed with – the concept of the pendulum. The following is only a partial list of my writings on the subject: Q4 2021 hedge fund letters, conferences and more My second memo, written in April 1991, was creatively titled First Quarter Performance. It talked about the oscillation in securities markets between euphoria and depression; between celebrating positive developments and obsessing ov...
ValueWalk
Howard Marks memo to Oaktree clients for the month of January 2022, titled, “Selling Out.” Q4 2021 hedge fund letters, conferences and more As I’m now in my fourth decade of memo writing, I’m sometimes tempted to conclude I should quit, because I’ve covered all the relevant topics. Then a new idea for a memo pops up, delivering a pleasant surprise. My January 2021 memo Something of Value, which chronicled the time I spent in 2020 living and discussing investing with my son Andrew, recounted a semi-real conversation in which we briefly discussed whether and when to sell appreciated assets. It o...
ValueWalk
Howard Marks memo to Oaktree clients for the month of January 2021, titled, “Something of Value.” Q3 2020 hedge fund letters, conferences and more If asked about possible silver linings to this pandemic, I would list first the chance to spend more time with family. Our son Andrew and his wife and son moved in with Nancy and me in Los Angeles at the beginning of the pandemic, as they were renovating their house when Covid-19 hit, and we lived together for the next ten weeks. There’s nothing like getting to spend months at a time building relationships with grandchildren, something we were privi...
ValueWalk
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