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Howard Marks

16 statements across 1 episodes · 4 bullish · 2 bearish · 1 people on the record · first statement Mar 5, 2019 by Howard Marks · said 9 times in 4 episodes since 2019 · across every show →

On the record as a speaker too: Howard Marks's record, appearances and statements → this page counts the times other people say the name.

Mentions by year

brought up most by Jim Collins (5), Morgan Housel (2), Bill Gurley (2)

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01220192020202120222023202420252026episodes it came up in
002.515220192020202120222023202420252026episodesmentions per episode
2026 2 mentions in 1 episode
2024 2 mentions in 2 episodes 1 per episode
2019 5 mentions in 1 episode

every mention, scene by scene, with the transcript →

Everything said about Howard Marks, oldest first

Mar 5, 2019 negative
Insight
Marks: Investors Cannot Rely Solely on Expected Value Calculations
“And so we can't just invest on the basis of the probability distribution and the expected value. We also have to take our own tolerances and predilections into account.”
Howard Marks Mar 5, 2019 ▶ 1:09:27 #53 Howard Marks: Luck, Risk and Avoiding Losers
Mar 5, 2019 neutral
Insight
Marks: Institutional Investors Risk Firing for Losses Over Missed Gains
“And more, an investor who works for somebody else is more likely to get fired for losing money than for missing out on opportunities.”
Howard Marks Mar 5, 2019 ▶ 1:03:58 #53 Howard Marks: Luck, Risk and Avoiding Losers
Mar 5, 2019
Insight
Marks: Innate intelligence is luck, not personal merit
“What did you do to deserve, develop, or nurture your IQ? You were born with a brain that works better than others. That's luck. And it's totally, it's not merit.”
Howard Marks Mar 5, 2019 ▶ 45:18 #53 Howard Marks: Luck, Risk and Avoiding Losers
Mar 5, 2019
Insight
Howard Marks: Luck is real, important, and inherently unfair
“I read a piece quoted some Silicon Valley guy who says, success is never accidental. You make your own luck. And I don't agree. I think luck is a real thing and it's important and it's inherently unfair, but that's life.”
Howard Marks Mar 5, 2019 ▶ 44:52 #53 Howard Marks: Luck, Risk and Avoiding Losers
Mar 5, 2019
Insight
Marks: Everything important in investing is counterintuitive and obvious ideas are wrong
“Everything that's important in investing is counterintuitive. And everything that's obvious is wrong.”
Howard Marks Mar 5, 2019 ▶ 1:16:11 #53 Howard Marks: Luck, Risk and Avoiding Losers
Mar 5, 2019 neutral
Insight
Marks: Unlike regular consumers, Wall Street investors buy more as prices rise
“Now, in most walks of life, people buy more when the prices go down during sales. On Wall Street, they buy more when the prices rise.”
Howard Marks Mar 5, 2019 ▶ 6:04 #53 Howard Marks: Luck, Risk and Avoiding Losers
Mar 5, 2019 bullish
Assertion Supported
Marks: Oaktree achieved 16-17% distressed debt returns over 30 years without leverage
“And, you know, we have a record in distressed debt of, I think, 16 or 17% a year for 30 years without using any leverage.”
Howard Marks Mar 5, 2019 ▶ 13:16 #53 Howard Marks: Luck, Risk and Avoiding Losers
Mar 5, 2019
Disclosure
Marks: Howard Marks no longer makes active investment decisions at Oaktree
“I'm not reading at this point to become a better investor. I'm not making that many investment around this decisions around here. I'm really just trying to lead the organization, the people in the culture and relate to the clients and write and speak and that …”
Howard Marks Mar 5, 2019 ▶ 1:22:43 #53 Howard Marks: Luck, Risk and Avoiding Losers
Mar 5, 2019 negative
Insight
Marks: Risk Is Probability of Bad Outcomes, Not Volatility
“Now, I don't think volatility is risk. I think risk is the probability of bad outcomes.”
Howard Marks Mar 5, 2019 ▶ 1:02:38 #53 Howard Marks: Luck, Risk and Avoiding Losers
Mar 5, 2019
Disclosure
Marks: Oaktree Invests at the Micro Level, Not in Macro Themes
“First of all, let me say, Oaktree is not what we call a macro investor. We do not invest in broad themes of economic growth and movements in currencies and interest rates. We are a micro investor. We invest in individual companies and situations and properties…”
Howard Marks Mar 5, 2019 ▶ 27:20 #53 Howard Marks: Luck, Risk and Avoiding Losers
Mar 5, 2019 positive
Insight
Howard Marks: Kids must understand that money is finite to function well
“I think one of the most important things to have kids who function well around money is for them to have a feeling of finiteness, and this goes back really to economic reality, the memo. They should understand. That money is finite. No matter how much money yo…”
Howard Marks Mar 5, 2019 ▶ 1:24:33 #53 Howard Marks: Luck, Risk and Avoiding Losers
Mar 5, 2019
Insight
Marks: Outperformance requires daring to be different, wrong, and look wrong
“The question is, do you dare to be different Because clearly by, you have to diverge from the pack is required if you're going to be a superior. In anything. And number two, do you dare to be wrong? Number three, do you dare to be look wrong? Do you dare to lo…”
Howard Marks Mar 5, 2019 ▶ 1:18:03 #53 Howard Marks: Luck, Risk and Avoiding Losers
Mar 5, 2019 positive
Insight
Howard Marks: Insulating children from mistakes leaves them vulnerable later
“Your kids will make mistakes, hopefully not lethal ones, and insulating them from making mistakes is not doing them a favor, because if they make their first mistake at five, And they improve their decision-making process, and they learn that mistakes don't ki…”
Howard Marks Mar 5, 2019 ▶ 1:28:47 #53 Howard Marks: Luck, Risk and Avoiding Losers
Mar 5, 2019
Insight
Marks: Organizations that second-guess mistakes make investors mistake-averse
“And if you have a partner or an organization which second guesses your mistakes, then you become mistake averse.”
Howard Marks Mar 5, 2019 ▶ 10:45 #53 Howard Marks: Luck, Risk and Avoiding Losers
Mar 5, 2019
Disclosure
Marks: Oaktree invested $10 billion across final 15 weeks of 2008
“For the last 15 weeks of oh eight, we invested an average of six hundred and fifty million a week for a total of ten billion, and the financial world did not melt down.”
Howard Marks Mar 5, 2019 ▶ 4:53 #53 Howard Marks: Luck, Risk and Avoiding Losers
Mar 5, 2019 positive
Insight
Howard Marks: Investors shouldn't self-flagellate over mistakes if process was sound
“Being wrong comes with the franchise of an activity whose outcome depends on an unknown future. No baseball player expects to bat a thousand. Investors shouldn't. Which means they shouldn't get down on themselves if they make a mistake as long as they re-exami…”
Howard Marks Mar 5, 2019 ▶ 1:29:48 #53 Howard Marks: Luck, Risk and Avoiding Losers
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