We had the distinct pleasure of sitting down with famed investor Howard Marks, Chairman of Oaktree Capital Management, to discuss his book, The Most Important Thing.
Howard Marks has been one of the most generous value superinvestors in terms of sharing his knowledge and experience with the value investing community. In this regard, he has paralleled great investors like Benjamin Graham (book, lectures), Warren Buffett (book,letters), and Joel Greenblatt (book). In addition to his instant classic,The Most Important Thing, Howard Marks has shared his wisdom in a long series of investment memos. The latter should be a key component of any value investing curriculum.
Philip Carret was an investor and founder of Pioneer Fund, one of the first mutual funds in the United States. Carret ran the mutual fund for 55 years, during which time an investment of $10,000 became $8 million. That suggests he achieved a compound annual return of nearly 13% for his investors. Q1 2021 hedge Read More
Howard Marks has honed his investment approach primarily in areas of the market other than public equities. Yet, his insights apply very much to those of us who focus on public equity investing. As a distressed debt investor, convertible debt investor, high-grade debt investor, and control investor, Howard Marks has developed unique insights into investing across the capital structure. Debt investors, especially distressed debt investors often develop a more acute sense of the financial risks of a company than do equity-only investors. In this context, Howard Marks shares an invaluable perspective in the interview we conducted with him in London.
Found via Abnormal Returns
Full interview here