Howard Marks Resource Page

HOWARD MARKS

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“Markets are safer when fear balances greed, and when worry about losing money balances worry about missing opportunity. We don’t like it when fear rears its head and stocks drop, but certainly that creates a healthier environment in which to be a holder, and one which should offer better buying opportunities. Over the first part of this year (2010) it was easy to say prices had gotten ahead of fundamentals; all things being equal, that now seems less true.”

~ Howard Marks

A Renowned Financial Writers & a Billionaire
Founder and Chairman of Oaktree Capital Management LLC
Founder and Chief Investment officer for domestic fixed income of TCW Group
A Chartered Financial Analyst
A Chartered Investment Council
A member of the Los Angeles Society of Financial Analysts
An Active Employee of the Investment Committee of the Edmund Safra Foundation
A member of the Southern California Regional Advisory Board (SCRAB)

Age: 65
Source: money management, self-made
Residence: Los Angeles, CA
Country of Citizenship: United States
Education: Bachelor of Arts / Science, University of Pennsylvania Wharton School; Master of Business Administration, University of Chicago
Marital Status: Married
Children: 2

HIS LIFE

Most of the successful investors belong to the United States of America. Howard Marks also lives at the Los Angeles City in the United States of America. Howard Marks is a full time dedicated and expert American investor .He has put a lot of effort to achieve any success in his career and work. He is a billionaire of the era. Howard Marks is a well-qualified investor. He has a background of Finance as well as Accounting and Marketing. He was more interested in Finance and Accounts and get along with Accounts and Finance related careers in his life. Howard Marks has done Bachelors of Sciences in Economics in the year 1967 from the Wharton School with specialize in Finance. After his Bachelors of Sciences, Howard Marks went to the University of Chicago where he studied further from the Graduate School of Business. In the year 1970, he completed his MBA degree with specialize in Accounting and Marketing subjects. During his MBA Howard Marks was a winner of the award of “The George Hay Brown.” Howard Marks is married to a woman named as Nancy. Howard Marks is not only a successful person in the business and an investment world but he is also a very sincere better half and an extremely caring and a concern father. They have a son to whom they have named as Andrew. His son Andrew also belongs to an investment field. He is giving his services in an investment company located in the New York City as an expert.

HIS CAREER

As Howard Marks is a finance person and has a finance background. Howard Marks was a student of finance. For reaching this point and state in his life, he has faced many hurdles and he crossed them. Handling hardships well and dedication are secrets of his successful and stable life as an investor and finance expert. By profession, he is a renowned “Chartered Financial Analyst” and a “Chartered Investment Counselor.”Howard marks serves as an active member of the “Los Angeles Society of Financial Analysts” and a member of “The Southern California Regional Advisory Board” abbreviated as SCRAB. From the year 1969 until the year 1978, Howard Marks had given his services to the Citicorp as an investment research analyst and the Research Director. From the year 1978 until the year 1985, Howard Marks served as the Vice President and the Senior Portfolio Manager at the Citicorp Investment Management. Howard Marks introduced the scholarships for the bright students for helping them during their under graduation in the years 1992. He was also a founder and Chief Investment Officer of the TCW group from the year 1985 until the year 1995. In the year 1995, Howard Marks laid the foundation of The Oaktree Capital Management, LLC and serves as a chairperson of the company. From the year 2000 until 2010, he served as the Chairperson of the University endowment Fund and the Chairperson of the Trustees Investment Board in Pennsylvania. Howard Marks established “The Marks Family Writing Center” in the year 2009.He is also a financial writer and writes memos. His memos are highly acknowledged by finance and investment related legendaries. Howard Marks is managing more assets of 85 billion dollars in total then Warren Buffet at the Oaktree Management Capital, LLC. He is not as famous and known to a common person as Warren Buffet is famous as the greatest and smartest investor of his era.

HOWARD MARKS FITNESS

Keeping you a fit and smart is a personal need to be a healthy and an active human being. On the other hand, in business industry it is also a trend to do yoga and follow a healthy diet plan, to boost up their careers and listing in the skills column of their resume. Howard Marks is above of all such trends and show off and is a fit and a healthy investor of his era. He takes care of his diet plan and fitness exercises at his own interest. On his wife Nancy, and son Andrew recommendations he generally in takes diet having high protein. He does yoga to be in shape and maintenance of his physique. Howard Marks during travelling strictly prefers pulses, beans, vegetables, and proteins as his food. Many investors appreciate his fitness and are impressed by him that out of such a hectic and time taking routine Howard Marks takes his time out for yoga and his fitness plans and makes a healthy diet plan and follows that as well.

HOWARD MARKS BOOK, THE MOST IMPORTANT THING: The Most Important Thing: Uncommon Sense for the Thoughtful Investor:

Howard Marks book named “The Most Important Thing: Uncommon Sense for the Thoughtful Investor” is published by “Columbia Business School” in March of the year 2011.This book is comprise of 196 pages and is gaining worldwide publicity. Warren Buffet suggests this book to read and quotes:”This is that rarity, a useful book.”In this book, Howard Marks has written all he learned from his more than 40 years of experience in investment business world. Warren Buffet Chairperson of Berkshire Hathaways and second richest person in the world strongly recommends reading Howard Marks’s book the Most Important Thing: Uncommon sense for the thoughtful investor in his interviews. Seth Klarman the Chairperson of the Baupost Group has also suggested reading this book “The Most Important Thing: Uncommon sense for the thoughtful investor” is published by “Columbia Business School” of Howard Marks in many places. Joel Greenblatt, Columbia Business School, founder and managing partner of Gotham Capital and Brenda Jubin, Seeking Alpha also recommends reading this book and says that every investor either new comer or established legend must keep this book in his library. Stephen E. Roulac the owner of the New York Journal of Books, Martin Fridson the chairperson of the Barron, Alex Dumortier the CEO of The Motley Fool, John C. Bogle, the Founder and the former CEO of The Vanguard Group, Jeremy Grantham, cofounder and chief investment strategist, Grantham Mayo Van Otterloo and Peter Lattman, Wall Street Journal recommends reading Howard Marks book “The Most Important Thing: Uncommon sense for the thoughtful investor” is published by “Columbia Business School”. Kirkus Reviews, FocusInvestor.com, and Money Magazine also suggest reading Howard Marks book. In his book common mistakes done by investors are also mentioned which are generally not noticed by investors even they face loss in their investment.

Track Record:

According to Bloombrg ”Oaktree’s 17 distressed-debt funds have averaged annual gains of 19 percent after fees for the past 22 years — about 7 percentage points better than its peers tracked by Boston-based consulting firm Cambridge Associates LLC”

LOGO

Top holdings of Howard Marks’ (on stated 13-F, which excludes most debt)-GuruFocus.com

According to Howard Marks putting great words into paper is a key to any success of the present century. He is famous for his wisdom converted in words through pen in the form of memos to the clients of the Oaktree Capital Management, LLC. A book “The Gathering Storm” comprises of Howard Marks latest memos and essays along with the work of other financial experts. His memos to the clients of the Oaktree Capital Management, LLC are not even acknowledged but are also considered as a piece of great advice in the finance and investment industry. All of his memos to the clients of The Oaktree Capital management LLC from the year 1995 until the year 2011 are available at The Oaktree Capital Management, LLC official website. Howard Marks other official memos are also free available for public at t he site. His memos are uploaded as he completes them in the official website. His latest memo “It is all very taxing” was written by him on 16^th of the November of the year 2011.In his latest memo he has described tax policies to his clients and given his views on them. The Oaktree Capital Management, LLC reserves the copyright of all of his memos. His memos are his company’s belonging. A journal writer Peter Lattman states that public is also familiar Warren Buffet annual writings but there are a group of finance and investment related people for whom every single word written by Howard Marks is like an advice and they look forward towards his letters. His each letter that is regularly written to Oaktree Capital Management LLC, clients convey very meaningful words for the growth of a common investor. He also shares his experience of investment at Oaktree Capital Management, LLC, through his golden words in his letters. Warren Buffet and Seth Klarman are also fond of his letters and are his regular reader and admirer. Howard Marks book “The Most Important Thing: Uncommon Sense for the Thoughtful Investor” published by “Columbia Business School” is recommended for new comers and established investors as well.

HOWARD MARKS AND OAKTREE CAPITAL MANAGEMENT, LLC

Howard marks laid the foundation of Oaktree Capital Management, LLC Los Angeles and served as the Chairperson of the company. Oaktree Management LLC has total assets of more than 80 billion dollars in total. More than 700 people are serving the Oaktree Capital Management, LLC in their buildings now in thirteen cities in the world. The Oaktree Capital management LLC offices are located in the New York City (The United States of America), Los Angeles (The United States of America), London (The United Kingdom of England), Paris (France), Amsterdam (The Netherlands), Hong Kong (Hong Kong), Washington DC (The United States of America), Frankfurt (Germany), Luxemburg (The United States of America), Beijing (Republic of China), Seoul (South Korea), Tokyo (Japan) and Singapore (Singapore). The Oaktree Capital Management LLC has its main office branch located in the Los Angeles, The United States of America. In the Oaktree Capital Management LLC, Howard Marks do business in the form of liquid assets and bonds and covers under progress areas of the investing industry. The Oaktree Capital Management LLC has 165 stocks in total out of them only 12 numbers of stocks are new. Thirty percent in total out of 100 percent of The Oaktree Management Capital, LLC assets are hold by the public funds. Other assets are divided among corporate pensions, Corporate, Sovereign Wealth Funds, Foundations for the purpose of charity, unions of various purposes; privately hold by people and Subsidiaries and Funds of Funds.

Howard Marks had an experience of various organizations. Howard Marks’s experience at various organizations before building The Oaktree Capital Management, LLC polished him and added much to his abilities and talent. Howard Marks has spread the company branches worldwide for serving the clientele all over the world. He has plans of expanding more and establishing more branches of The Oaktree Management Capital, LLC.
HOWARD MARKS: ADVICE TO THE INVESTORS

Howard Marks believes that there is always a risk associated with any investment and he discourages taking any risk while investing. He says that trend of taking any sort of risk while making any investment is now entirely over from the finance and investment industry He further states that circumstances in the investment industry are volatile in nature. Having looked on the past failures before undertaking any future investment is very necessary and the investors generally ignore this. While giving advice to new comers Howard Marks states that one has to update his knowledge on regular intervals and ponder over thing entirely differently after a span of time. He further adds and states that do not follow the track of majority instead come up with your own unique ideas and ways of investment. When you find out that your mind is stuck in an old track then here is a time to think and reborn yourself with new knowledge and ideas. Howard Marks book “The Most Important Thing: Uncommon sense for the thoughtful investor” published by “Columbia Business School” is full of beneficial advices for the investors of this era for one either new in the investment industry world or in already established legends. Warren Buffet publically recommends every investor and finance related personal to must follow Howard Marks golden rules and advices Warren Buffet further adds and highly recommends to read his memos to the clientele of The Oaktree Management Capital, LLC and his book Howard Marks book “The Most Important Thing: Uncommon Sense for the Thoughtful Investor” published by “Columbia Business School”.

HOWARD MARKS IN NEWS

HOWARD MARKS IN VIDEOS

LIST OF MEMOS TO CLIENT OF OAKTREE CAPITAL MANAGEMENT LLC

All the other memos to Client of Oaktree Capital Management LLC, by Howard Marks can be obtained from http://www.oaktreecapital.com/memo.aspx. Lists of all memos to Client of Oaktree Capital Management LLC, by Howard Marks from the year 1995 until the year 2011 are listed as below:

In the year of 2011

In the year of 2010

In the year of 2009

In the year of 2008

In the year of 2007

In the year of 2006

In the year of 2005

In the year of 2004

In the year of 2003

In the year of 2002

In the year 2001

In the year 2000

In the year 1999

http://www.oaktreecapital.com/MemoTree/1999_04_15%20How’s%20the%20Market.pdf

In the year 1998

In the year 1996

In the year 1995

http://www.oaktreecapital.com/MemoTree/1995_5_26_How%20the%20Game%20Should%20Be%20Played.pdf

AN EXCERPT FROM THE MEMO TO THE OAKTREE CLIENTS

When I was a boy, as I recall, owing money was considered undesirable and debts were generally expected to be paid off. When people bought homes, they put down 30% and took out thirty-year mortgages to finance the rest. They made level payments that included a substantial principal component that grew over time, eventually extinguished their debt, invited their friends over for mortgage-burning parties, and owned their homes free and clear in time for retirement.

But attitudes toward debt underwent significant change, and in the last forty years we have seen the following:

v Vast expansion of the use of credit cards, the balances on which are never expected to be paid off

v Innovative mortgages requiring little or no principal amortization; reverse mortgages, where you owe more at the end than the beginning; declining down payment requirements; and eventually the availability of mortgage loans is exceeding purchase prices.

v Home equity loans enabling owners to drain off any equity in their homes. Fifty years ago these were called second mortgages, and people who had them were considered by their neighbors to be in financial trouble.

v Growth in corporate debt, and the extension of borrowing power to companies with “speculative” credit ratings

v The development of the commercial paper market, where companies could access “permanent” capital with maturities measured in days, on the assumption that the paper could always be rolled over.

v Creation of highly levered investment entities

v Vastly increased steady-state borrowing on the part of nations, whereas, previously, deficit spending had been limited to occasional efforts to fight recession through stimulus

HIS QUOTES

“We’re disappointed because we believe that Florida’s Religious Freedom Restoration Act would certainly support Sultaana Freeman’s position that she doesn’t have to remove the veil for a driver’s-license photo.”
“The state of Florida would have never required her to take her veil off if 9-11 had not occurred.”
“There’s nothing magical about those years. But that’s enough time for some bad things to happen.”
“This is laying the groundwork for distressed debt opportunities. We think it is analogous to the stacking of wood for a bonfire.”
“We had our greatest single opportunity in the summer of 2002,”
“Nothing in the world raises prices like an excess of demand over supply.”
“We’ve been doing this for 17 years, and when we talk about potential returns, we’ve never talked about lower returns than now. We’re waiting for ’07.”
“Acclaim Games is passionate about gaming and committed to delivering the best online games available to the world. These games were created to captivate gamers and provide the exciting multiplayer experience that youth users demand.”
“Opportunities are not great for the private equity industry. The risk of losing money is very high. Thus caution should be the watchword. ”

Howard Marks Resource Page

HOWARD MARKS

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