Howard Marks

Co-Founder and Co-Chairman, Oaktree Capital Management · 1 appearance on the record.

computed by AI from the episodes · how this works → · full disclaimer →

investorfounderexecutiveauthor@HowardMarksBook ↗LinkedIn ↗oaktreecapital.com ↗Wikipedia ↗

Howard Marks co-founded Oaktree Capital Management in 1995, building it into a global leader in alternative investments, distressed debt, and high-yield credit. He is widely recognized for his regular investment memos, as well as bestselling books such as The Most Important Thing and Mastering the Market Cycle.

26statements → 5claims → 4claims resolved → 100%fully supported → 3.88/5average certainty → 2.31/5average debate potential → ≈4.0/5argument clarity, estimated → 9said about them ↓

4 supported 0 partly supported 0 contradicted 1 not checkable as stated how the 5 claims stand · each chip opens the sources

2 predictions · 3 assertions · 4 opinions · 14 insights · 3 disclosures · every statement was checked. The predictions and assertions are the 5 claims: statements the public record can support or contradict. 4 are resolved, and 1 names no date, number or outcome precise enough to check. Everything else (opinions, insights, what ifs, disclosures) can never be settled by the record, so it carries no assessment.

The record, in short

What the tape says about how Howard argues and how the claims held up. Everything they said, and everything said about them, is in the tabs below.

Their most notable supported claim

Prediction Held up

Marks: The ongoing U.S. recovery will become the longest in history

“So my guess is that this recovery will set a record for the longest recovery in history. Because of the slowness and the absence of excesses.”

Howard Marks Mar 5, 2019 ▶ 20:17 #53 Howard Marks: Luck, Risk and Avoiding Losers

Expressed certainty vs assessment result

none yet certainty 1

none yet certainty 2

100% certainty 3

none yet certainty 4

100% certainty 5

weighted support: a fully supported claim counts one, a partly supported claim counts half. Each filled bar is clickable and opens exactly those claims; "none yet" means nothing said at that certainty level has resolved yet

How they sound: not measured why? →

We measure speaking style by listening to the audio itself, and a fair number needs at least 2,000 words from one person on tape we have measured. There is too little of Howard Marks on measured tape to publish a rate. This says nothing about how they speak.

What they said26 What others said9 Episodes1

Everything Howard Marks said on the Knowledge Project that made the record, most notable first. Filter by type, assessment or year in the ledger →

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

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

The other half of the tape: Howard Marks's own voice is left out of every number here. Other people bring the name up 9 times in 4 episodes on the Knowledge Project. every mention, with the transcript →

Who brings them up most Jim Collins 5 Morgan Housel 2 Bill Gurley 2