Money and Finance
From The Most Important Thing (and his April 2007 letter, "Everyone Knows"):
In that memo, Marks also wrote:
- Howard Marks Memo: Dare To Be Great Ii
Link to: Howard Marks Memo: Dare to Be Great IIIn September 2006, I wrote a memo entitled Dare to Be Great, with suggestions on how institutional investors might approach the goal of achieving superior investment results. I’ve had some additional...
- The Quality Dimension Of Value Investing - By Robert Novy-marx
Link to: The Quality Dimension of Value Investing Buying high quality assets without paying premium prices is just as much value investing as buying average quality assets at discount prices. Strategies that exploit the quality dimension of value are...
- Howard Marks Quote (risk And High Prices)
“The greatest risk doesn’t come from low quality or high volatility. It comes from paying prices that are too high. This isn’t a theoretical risk; it’s very real.” –Howard Marks, The Most Important Thing Illuminated ...
- Speech Notes: Howard Marks At Nyssa
Via Distressed Debt Investing: On April 5, Howard Marks, legendary investor and Chairman of Oaktree Capital Management, spoke at New York Society of Securities Analysts. He is also the author of the book, “The Most Important Thing: Uncommon Sense for...
- Harvard Business School Interview With Seth Klarman
When you started with Baupost at age 25, did you already consider yourself a value investor? Yes. After my junior year in college and right after graduating, I worked for Mutual Shares Corporation, which was run by a wonderful gentleman named Max Heine....
Money and Finance
Howard Marks quotes
From The Most Important Thing (and his April 2007 letter, "Everyone Knows"):
...most investors think quality, as opposed to price, is the determinant of whether something’s risky. But high quality assets can be risky, and low quality assets can be safe. It’s just a matter of the price paid for them. . . . Elevated popular opinion, then, isn’t just the source of low return potential, but also of high risk...........
In that memo, Marks also wrote:
The bottom line is that what “everyone knows” isn’t at all helpful in investing. What everyone knows is bound to already be reflected in the price, meaning a buyer is paying for whatever it is that everyone thinks they know. Thus, if the consensus view is right, it’s likely to produce an average return. And if the consensus turns out to be too rosy, everyone’s likely to suffer together. That’s why I remind people that merely being right doesn’t lead to superior investment results. If you’re right and the consensus is right, your return won’t be anything to write home about. To be superior, you have to be more right than the average investor.
- Howard Marks Memo: Dare To Be Great Ii
Link to: Howard Marks Memo: Dare to Be Great IIIn September 2006, I wrote a memo entitled Dare to Be Great, with suggestions on how institutional investors might approach the goal of achieving superior investment results. I’ve had some additional...
- The Quality Dimension Of Value Investing - By Robert Novy-marx
Link to: The Quality Dimension of Value Investing Buying high quality assets without paying premium prices is just as much value investing as buying average quality assets at discount prices. Strategies that exploit the quality dimension of value are...
- Howard Marks Quote (risk And High Prices)
“The greatest risk doesn’t come from low quality or high volatility. It comes from paying prices that are too high. This isn’t a theoretical risk; it’s very real.” –Howard Marks, The Most Important Thing Illuminated ...
- Speech Notes: Howard Marks At Nyssa
Via Distressed Debt Investing: On April 5, Howard Marks, legendary investor and Chairman of Oaktree Capital Management, spoke at New York Society of Securities Analysts. He is also the author of the book, “The Most Important Thing: Uncommon Sense for...
- Harvard Business School Interview With Seth Klarman
When you started with Baupost at age 25, did you already consider yourself a value investor? Yes. After my junior year in college and right after graduating, I worked for Mutual Shares Corporation, which was run by a wonderful gentleman named Max Heine....