Howard Marks's Stock Portfolio
Overview
Howard Marks co-founded Oaktree Capital Management in 1995 and built it into the world's largest distressed debt manager. He is not a stock picker in the conventional sense — Oaktree specialises in credit, distressed assets, and special situations. What makes Marks indispensable is his writing. His memos, distributed since 1990, are the clearest thinking available anywhere on market cycles, risk, and investor psychology. Two US presidents have cited them. Warren Buffett said he reads them the moment they arrive. Whether or not you ever touch a distressed bond, the memos will make you a better investor.
Primary Resources
Straight from the investor or their firm — the highest-signal material available.
Free, going back to 1990. Start with 'The Most Important Thing' (2003), 'You Can't Predict, You Can Prepare' (2001), and 'Risk Revisited' (2014). Each is 15–30 pages and worth every minute.
The distilled version of his memos, organised by theme. Best read alongside the memos themselves. The 'Illuminated Edition' adds commentary from other investors.
Active account — shares memo excerpts, market commentary, and responses to questions. Useful for getting a sense of his current thinking.
Key Talks & Interviews
Curated, not exhaustive — the one or two appearances worth your time if you're new to this investor.
The best long-form interview with Marks. Three hours covering his career, the development of his framework, and how he thinks about today's markets. If you listen to one thing, make it this.
A concise 60-minute version of his cycle framework. Good primer before reading the memos.
Marks' most rigorous treatment of how he defines risk — not volatility, but the probability of permanent loss. Essential for understanding the Oaktree philosophy.