Money and Finance
- Howard Marks Memo: On The Couch
Link to Memo: On the Couch I woke up early on Saturday, December 12 – the morning after a day of significant declines in stocks, credit and crude oil – with enough thoughts going through my mind to keep me from going back to sleep. Thus...
- Howard Marks Memo: Inspiration From The World Of Sports
Link to Memo: Inspiration from the World of Sports I’m constantly intrigued by the parallels between investing and sports. They’re illuminating as well as fun, and thus they’ve prompted two past memos: “How the Game Should Be Played” (May 1995)...
- Howard Marks Quote
From Marks' memo "Liquidity": When you find an investment with the potential to compound over a long period of time, one of the hardest things is to be patient and maintain your position as long as doing so is warranted on the basis of the prospective...
- Leon Cooperman, Howard Marks On Investment Strategy
Link to video: Leon Cooperman, Howard Marks on Investment Strategy Sept. 22 (Bloomberg) -- Leon Cooperman, chairman and chief executive officer Omega Advisors Inc., and Howard Marks, chairman and co-founder of Oaktree Capital Management, talk about...
- A Mutual Fund Master, Too Worried To Rest
VANGUARD, the penny-pinching mutual fund company founded by John C. Bogle, has become a colossus. Its index funds — once derided for not even trying to beat the market — are now the industry standard. And after at least six heart attacks and one heart...
Money and Finance
Howard Marks Memo: On Uncertain Ground
The world seems more uncertain today than at any other time in my life. That’s a simple sentence but one with significant implications. And it’s not just me. Here’s what The New York Times said on August 12 in an article about John Bogle, the founder of Vanguard:
“It’s urgent that people wake up,” he says. This is the worst time for investors that he has ever seen – and after 60 years in the business, that’s saying a lot. . . . “The economy has clouds hovering over it,” Mr. Bogle says. “And the financial system has been damaged. The risk of a black-swan event – of something unlikely but apocalyptic – is small, but it’s real.”
I’m going to devote this memo to the uncertainty in the world and the investment environment and then offer my take on the appropriate strategy response. This will require me to touch on a large number of topics, but I will try to dwell less than usual on each of them. If after reading this memo you find yourself hungry for more, you might go back to “What Worries Me” (August 28, 2008) and “The Long View” (January 9, 2009).
- Howard Marks Memo: On The Couch
Link to Memo: On the Couch I woke up early on Saturday, December 12 – the morning after a day of significant declines in stocks, credit and crude oil – with enough thoughts going through my mind to keep me from going back to sleep. Thus...
- Howard Marks Memo: Inspiration From The World Of Sports
Link to Memo: Inspiration from the World of Sports I’m constantly intrigued by the parallels between investing and sports. They’re illuminating as well as fun, and thus they’ve prompted two past memos: “How the Game Should Be Played” (May 1995)...
- Howard Marks Quote
From Marks' memo "Liquidity": When you find an investment with the potential to compound over a long period of time, one of the hardest things is to be patient and maintain your position as long as doing so is warranted on the basis of the prospective...
- Leon Cooperman, Howard Marks On Investment Strategy
Link to video: Leon Cooperman, Howard Marks on Investment Strategy Sept. 22 (Bloomberg) -- Leon Cooperman, chairman and chief executive officer Omega Advisors Inc., and Howard Marks, chairman and co-founder of Oaktree Capital Management, talk about...
- A Mutual Fund Master, Too Worried To Rest
VANGUARD, the penny-pinching mutual fund company founded by John C. Bogle, has become a colossus. Its index funds — once derided for not even trying to beat the market — are now the industry standard. And after at least six heart attacks and one heart...