关于
Howard Marks is an American investor, fund manager, and financial writer who is widely regarded as one of the most thoughtful and influential voices in institutional investing. Here's who he is:
Howard Marks was born in 1946 and co-founded Oaktree Capital Management in 1995, building it into one of the world's largest alternative investment firms with over $170 billion in assets under management. Prior to Oaktree, he spent 16 years at TCW Group, where he developed his expertise in high-yield bonds, convertible securities, and distressed debt. Marks is known for his contrarian investment approach, focusing on credit markets, distressed securities, and alternative investments rather than traditional equities.
Marks is known for his sophisticated understanding of market cycles, risk management, and investor psychology. His investment philosophy emphasizes "second-level thinking" - going beyond the obvious to understand what the consensus believes and positioning against it when appropriate. He focuses on controlling risk rather than maximizing returns, arguing that superior risk-adjusted returns come from avoiding losses rather than hitting home runs.
Beyond his investment success, Marks has become one of the most respected investment thinkers through his writing, particularly his client memos that have gained a legendary following on Wall Street. Warren Buffett has said he immediately reads anything Marks writes, and his insights on market psychology, risk assessment, and contrarian investing have influenced institutional investors worldwide. His ability to articulate complex investment concepts has made him a sought-after speaker and educator.
Howard Marks' Best Quotes
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"You can't predict. You can prepare."
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"The most important thing is knowing what you don't know."
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"Risk means more things can happen than will happen."
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"Being too far ahead of your time is indistinguishable from being wrong."
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"The road to long-term investment success runs through risk control more than through aggressiveness."
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"You can't do the same things others do and expect to outperform."
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"Investment success doesn't come from buying good things, but from buying things well."
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"The pendulum swings. At the extremes, it swings farther than it should."
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"Superior investing requires second-level thinking - a way of thinking that's different, more complex and more insightful than that of others."
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"Luck can have an enormous influence on outcomes, and we must never ignore the possibility that a favorable outcome was largely due to luck rather than skill."
作品
The Most Important Thing: Uncommon Sense for the Thoughtful Investor
Marks' comprehensive investment philosophy book distills decades of market wisdom into key principles for successful investing. The book covers topics like second-level thinking, understanding market cycles, risk assessment, and contrarian investing. Each chapter focuses on one "most important thing," building a framework for thoughtful investment decision-making. The book features a foreword by Warren Buffett and has become essential reading for serious investors.
Mastering the Market Cycle: Getting the Odds on Your Side
This book focuses specifically on Marks' expertise in understanding and navigating market cycles. He explains how to recognize where markets stand in their cycles, how to position portfolios accordingly, and why cycle awareness is crucial for investment success. The book provides practical frameworks for identifying market extremes and positioning for superior risk-adjusted returns.
Oaktree Capital Client Memos
Marks' regular memos to Oaktree clients have achieved legendary status in the investment world for their insights into market psychology, economic trends, and investment strategy. These memos cover real-time market analysis during major events like the dot-com crash, financial crisis, and COVID-19 pandemic. Warren Buffett has called them essential reading, and they provide unfiltered insights into how a master investor thinks about markets.
"The Most Important Thing" Illuminated Edition
An expanded version of his original book featuring extensive commentary from leading investors, including Warren Buffett, Joel Greenblatt, and Paul Johnson. The additional perspectives provide multiple viewpoints on Mark's core concepts and show how different successful investors apply his principles in practice. in real-time.