Profile & Investment Philosophy

Howard Marks, co-founder of Oaktree Capital Management and author of the investment memos collected in "The Most Important Thing," is the premier authority on credit investing and cycle analysis. His investment philosophy is built on two foundational ideas: understanding where we are in the market cycle, and investing with an acute awareness of risk that most investors underestimate. Marks argues that superior investment returns come not from predicting the future but from recognizing the present — specifically, understanding the psychology and positioning of market participants and gauging whether assets are priced for perfection or for distress. His framework for "second-level thinking" — moving beyond obvious conclusions to consider what others are missing — has become a cornerstone of sophisticated investment analysis. Oaktree specializes in distressed debt, high-yield bonds, and credit instruments, providing capital to companies that have fallen out of favor. Marks views credit as offering the most reliable risk-adjusted returns over time when bought at the right point in the cycle. He is known for his memos warning about tech bubble excess and the 2008 credit crisis. Marks' philosophical contribution is the insight that risk is not volatility but the possibility of permanent loss — and that the best investors manage risk first, and returns follow.

Latest SEC Form 13F filing. Total portfolio value: $192B AUM. Holdings: 32 positions.