Howard Marks
278 posts
Howard Marks: Why Investor Psychology Matters More Than Market PredictionsInvestors rarely struggle because economic progress stops. More often, they struggle because expectations move far faster than underlying fundamentals. That distinction remains …
Howard Marks Says AI Progress Is Outpacing Society’s Ability To AdjustInvestor enthusiasm surrounding artificial intelligence, passive investing, and perpetual technological disruption continues to dominate market psychology. Yet beneath the optim…
Howard Marks: You Can’t Predict. You Can PreparePrice action today seems driven less by underlying fundamentals and more by shifts in sentiment and positioning. That dynamic sits at the center of Howard Marks’s thinking. As h…
Howard Marks on Avoiding Losers and Building Wealth ConsistentlyMarkets rarely ring a bell before sentiment turns. They drift upward on comfort, then wobble when assumptions meet friction. During his recent interview with the Wharton School,…
Howard Marks Warns Private Credit Faces a Crucial Test for InvestorsHoward Marks has spent decades watching capital chase whatever appears easiest, fastest, and safest. His latest memo argues that private credit is now facing the kind of scrutin…
Howard Marks: What We Do Is Take Advantage Of The Mistakes Of OthersHoward Marks’ reflections from the Oaktree Conference 2026 reinforce a core principle that has defined his investing philosophy for decades: markets are driven less by precision…
Howard Marks: AI Hurtles Ahead: Market Implications for Long-Term InvestorsArtificial intelligence has shifted from abstraction to economic force with astonishing speed. In his latest memo, Howard Marks makes clear that this is not a passing fascinatio…
Howard Marks: The Most Important Thing Is To Be A Long Term InvestorMarket narratives shift quickly, yet disciplined investing rarely depends on predicting the next surge of enthusiasm. During his recent interview with RWH, Howard Marks emphasiz…
Howard Marks’ Oaktree Thinks Dispersion Creates New Investing OpportunitiesMarkets continue to reward selectivity rather than broad exposure, and recent commentary from Howard Marks’ Oaktree highlights how dispersion is becoming a defining feature of a…
Howard Marks: Never Confuse Brains In A Bull MarketHoward Marks often reminds investors that success comes not from clairvoyance but from discipline, psychology, and price. During a Pepperdine fireside chat, he reiterated that “…
Howard Marks’ Mastering the Market Cycle: Book SummaryIn Mastering the Market Cycle, legendary investor Howard Marks argues that outsized returns don’t necessarily come from predicting the future, but rather from understanding wher…
Howard Marks: There Is No Place In The Investing Business For CertaintyOur readers often ask what truly separates durable investment success from temporary performance. Howard Marks offers a framework that avoids predictions and instead focuses on …
Howard Marks: Our Emotions Conspire To Make Us Do The Wrong ThingDuring his recent interview with the Edinburgh University Private Equity Society, Marks returned repeatedly to the idea that successful investing is less about forecasting and m…
Howard Marks on Credit Risk, Systemic vs Systematic Errors, and Investor DisciplineIn Top Takeaways from Oaktree’s Quarterly Letters (December), Howard Marks revisits a recurring but often misunderstood theme in credit markets: the difference between structura…
Howard Marks: How to Invest in AI Without Getting Destroyed by the BubbleIn his recent memo “Is It a Bubble?” Howard Marks examines the speculative fervor surrounding artificial intelligence. He observes that “bubbles usually coalesce around new fina…
Howard Marks’ Latest 13F: Inside Oaktree’s Highest-Conviction Equity PositionsThe latest 13F filing from Oaktree Capital Management LP (Howard Marks) provides a clear look into how one of the world’s great credit investors positions his equity book. While…
Howard Marks: There’s Much Less Than 100% Probability That Investing In Any Given AI Company Or Sector Today Will Be ProfitableIn a recent interview with Global Money Talk, Howard Marks reflected on his 35 years of writing investment memos, beginning with a simple belief: “I thought I had an interesting…
Howard Marks: “The Worst of Loans Are Made in the Best of Times”In his November 2025 Memo titled “Cockroaches in the Coal Mine,” Howard Marks once again examines how markets react to stress and how cycles of confidence and carelessness repea…