To celebrate 35 years of Howard Marks’s memos, we’re excited to release The Best of . . . , a curated collection of the memos he considers most impactful. Some set out what he considers the enduring truths of investing – from the need for second-level thinking to the importance of risk control, the inevitability of cycles, and the futility of macro forecasting. Others chronicle the most impactful financial events of the last three decades: the dot-com bubble, the Global Financial Crisis, and the sea change in interest rate policy that took place in 2022. Watch Howard discuss this milestone: https://lnkd.in/gGeraTr6 Read The Best of . . . now: https://lnkd.in/gzGgSpj9 #AlternativeInvesting
Desde que me leí tu libro Howard Marks mis inversiones se han incrementado bastante. Me gusta mucho el concepto de "el inversor de segundo nivel" y el día que me aburra de invertir por mi mismo, todo mi dinero dejaré que lo gestionéis vosotros.
Andrew Smith still recall discussions on this!
A curated collection of Howard Marks’ best memos. What a tremendous resource. Worth reading as a first-person history of the investment landscape over the past 30 years. This wouldn’t be a bad syllabus for a finance course. I always look forward to the memos.
This curated collection of Howard Marks most impactful memos is a treasure trove for investors and financial professionals alike. His emphasis on second-level thinking, the inevitability of cycles, and the importance of risk control remains incredibly relevant, especially given today’s market uncertainties. Revisiting these lessons provides perspective not just on past crises like the dot-com bubble or GFC, but also on navigating current challenges. I’d love to hear are there particular memos or insights you’ve found especially applicable in shaping your investment approach in recent years? Oaktree Capital Management, L.P.
Thank you for all the insights, Howard. As a homage to my homophonic namesake and favourite thinkers of all time, I was inspired to create a vastly inferior but still readable blog addressing similar topics. https://realestatebenchmarx.substack.com
When I first started exploring a transition into investment management, The Most Important Thing was the very first book recommended to me - and for good reason. I really admire your clear, thoughtful writing style and often find myself reflecting on how much of your wisdom applies far beyond investing. Congratulations on 35 years of memos that have shaped how so many of us think.
Commenting here to bump into my feed for followers. Learned (and acted on) much from Howard Marks.
Congratulations, your memos and your books, always valuable and worth reading.
“if we avoid the losers, the winners will take care of themselves.” Or to put it a notch more diplomatic: "Focus on avoiding what/who (potentially) has no/low added value rather than aiming to find what/who (potentially) has high added value". You bet! 😜 , taking into account the randomness in investing (... and life as a whole).
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6d35 years of wisdom! What a legacy