Howard Marks is an American investor and writer. He is best known as the cofounder and co-chairman of Oaktree Capital Management, the world’s largest investor in distressed securities. Marks shares his investment strategies in the form of memos and books that are widely admired in the investment community.
Marks’ career in the financial industry spans over five decades, including working for top equity research firms. Howard Marks’ net worth in 2025 is estimated to be more than $2 billion.
Howard Marks bio
| Full name | Howard Stanley Marks |
| Born in | 1946 in Queens, New York |
| Education | MBA from the University of Chicago Booth School of Business; Chartered Financial Analyst certification |
| Source of wealth | Private equity, writing |
| Known for | Co-founding Oaktree Capital Management |
| Current position | Co-chairman of Oaktree Capital Management |
| Marital status | Married |
Howard Marks net worth
Marks’ net worth is difficult to estimate owing to a lack of public information on his finances, considering most of his fortune is in the form of investments. However, based on information from reliable online and offline sources, Marks’ net worth is estimated to be around $2.2 billion.
A significant portion of Marks’ net worth can be attributed to investments in distressed assets. Furthermore, Marks’ latest 13F (as of 30 June 2025) shows a portfolio value of more than $3,947 million, with top holdings being TORM Plc (TRMD), Chesapeake Energy Corp (CHK), Garrett Motion (GTX), Sitio Royalties Corp-A (STR), and Anglogold Ashanti Plc (AU).
Marks has authored several books, and his memos are regularly published on Oaktree’s website. He also made money by working in high-profile roles at top financial firms, including twenty years at Citicorp and TCW Group.
Furthermore, he has an impressive real estate portfolio, including a $30 million oceanfront property in East Hampton bought in 2010. In 2012, he and his wife purchased a duplex unit at 740 Park Avenue for $52.5 million.
In 2015, the financial guru bought a house in Beverly Hills for $23.7 million, and a couple of years later, he acquired the house next door for $9.7 million. He also bought parcels in Amagansett, New York, for $35 million in 2019.
Early life, education and career
Marks was born in 1946 in Queens, New York, to a Jewish family but was raised as a Christian Scientist. He graduated cum laude from the Wharton School of the University of Pennsylvania in 1967 with a major in finance and a minor in Japanese Studies.
Marks then earned an MBA degree in Accounting and Marketing in 1969 from the University of Chicago Booth School of Business. In 1975, he also completed a Chartered Financial Analyst certification.
After his MBA, Marks got a job with the bank holding company Citicorp as an equity research analyst.
Marks’ first marriage ended in divorce. He is currently married to Nancy Marks.
Professional career
Marks started as an equity research analyst at Citicorp, but worked hard to move up the professional ladder to the company’s research director, then vice president and senior portfolio manager. He remained with the company until 1985, overseeing convertible and high-yield debt.
In 1985, Marks joined the asset management firm TCW Group, where he headed groups responsible for investing in convertible securities and high-yield debt. He remained with the company until 1995 and helped assemble one of the first distressed debt funds.
In 1995, Marks’ entrepreneurial spirit led him to quit his job at TCW Group to start his own venture.
Success with Oaktree Capital Management
Marks and four other key personnel from TCW Group left the company to set up Oaktree Capital Management in Los Angeles. The asset management firm grew rapidly to become the world’s largest investor in distressed securities, high-yield debt, and private equity.
The firm raised $10.9 billion during the 2008 financial crisis to buy distressed assets, an investment that paid off handsomely. In 2012, it went public, raising $380 million.
In 2019, Brookfield Asset Management acquired a 62% stake in Oaktree. Marks and other co-founders own 38% of the company and have full control of its day-to-day operations.
Marks currently serves as the co-chairman of Oaktree Capital Management.
Awards and achievements
Marks has earned numerous awards and accolades in his financial career so far, spanning over five decades.
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<li>Member of the New York Society of Security Analysts</li>
<li>Heads the investment committees of the Royal Drawing School in London and the Metropolitan Museum of Art</li>
<li>Served as Chairman of the Trustees' Investment Board from 2000 to 2010 at the University of Pennsylvania</li>
<li>Received the George Hay Brown Prize</li>
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[/su_list]Writer and philanthropist
Marks has published three books so far about his investment strategies: The Most Important Thing: Uncommon Sense for the Thoughtful Investor (2011), The Most Important Thing Illuminated (2012), and Mastering the Market Cycle: Getting the Odds on Your Side (2018).
Furthermore, Marks regularly posts essays on his investment analysis and insights into the economy. The memos are published on the Oaktree website. Many financial celebrities, including Warren Buffett, are fans of Marks’ writing.
In addition to being a writer, Marks is also a big philanthropist. In 1992, he established a Howard S. Marks Terms Scholarship at the University of Pennsylvania to provide renewable scholarships to undergraduates.
In 2009, he endowed the university’s Marks Family Writing Center, while in 2023, he and his wife endowed a faculty chair at the UCLA School of Medicine to support women’s health research.
Marks’ investment tips
Funds managed by Marks have given consistent and impressive returns (19% annual long-term returns). The following are the top investment tips from Marks:
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<li>Investment strategy should be in line with investors’ personal situations, and before deciding on a strategy, investors need to ask themselves a question about whether they are concerned more about the risk of missing an opportunity or the risk of losing money.</li>
<li>Investors can gain a competitive advantage not just by research but by better inferring the current company data and market cycle.</li>
<li>Marks wants investors to focus on generating returns during bull markets and minimising losses during bear markets. Furthermore, investors must time their strategies to ensure they have cash available during downturns.</li>
<li>Investors should have patience and emotional strength to stick with a strategy or decision until it yields results.</li>
<li>Investing in high-quality assets is no guarantee of superior results. Rather, buying assets for less than what they are worth creates more opportunity for potential gain, as well as limits downside risk.</li>
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[/su_list]FAQs
Marks has made money by working for top asset management firms, including 10 years each at Citicorp and TCW Group, respectively. He, however, made the most money by investing in distressed assets.
There is no information on how much of Oaktree does Marks own. It is, however, known that Marks and other members own 38% of the company and have full control over its day-to-day operations. The remaining 62% was acquired by Brookfield Asset Management in March 2019.
Marks’ top holdings vary depending on market conditions. Based on his recent 13F filings, he has significant positions in TORM Plc (TRMD), Chesapeake Energy Corp (CHK), Garrett Motion (GTX), Sitio Royalties Corp-A (STR) and Anglogold Ashanti Plc (AU).
