Howard Marks is the co-founder and co-chairman of Oaktree Capital Management, one of the largest investors in distressed securities worldwide. He is renowned for his insightful memos to clients, which have become must-read material for investors globally.

Oaktree Capital

Marks co-founded Oaktree in 1995, and the firm has grown to manage over $150 billion in assets. Oaktree specializes in less efficient markets, including distressed debt, corporate debt, and real estate.

The Memos

Since 1990, Marks has written memos to Oaktree clients sharing his thoughts on markets, investing, and risk. These memos have gained a cult following, with Warren Buffett saying, "When I see memos from Howard Marks in my mail, they're the first thing I open and read."

Second-Level Thinking

Marks popularized the concept of "second-level thinking"—the idea that successful investing requires thinking differently and better than the consensus. First-level thinking is simplistic; second-level thinking is deep, complex, and convoluted.

Market Cycles

His book "Mastering the Market Cycle" explains how understanding where we are in various cycles can improve investment results. Marks emphasizes that while we can't predict cycles, we can prepare for them.