Howard Marks Portfolio 2025 — Oaktree Capital Strategy & Memos | SniperIQ
Howard Marks co-founded Oaktree Capital Management in 1995, growing it into the world's largest distressed debt investor with
Frequently Asked Questions
What is Howard Marks's market cycle framework?
Marks believes understanding market cycles is the most important thing in investing. He tracks the credit cycle (availability and cost of credit), economic cycle, profit cycle, and investor sentiment cycle. He uses a simple framework: when everyone is optimistic and credit is cheap and loose, move to defense (reduce risk, hold quality). When everyone is pessimistic and credit is tight and expensive, go on offense (buy distressed assets aggressively). He uses the 'temperature gauge' of investor psychology as his primary indicator.
What makes Howard Marks's memos special?
Marks has written quarterly investor memos since 1990 that cover market conditions, risk, and investor psychology with rare clarity. Famous memos: 'You Can't Predict, You Can Prepare' (2001), 'The Race to the Bottom' (2007, predicting the housing crisis), 'Sea Change' (2022, arguing rates would stay higher for longer). Warren Buffett has said 'When I see memos from Howard Marks, they're the first thing I open and read.' The memos are free on Oaktree's website and remain some of the most valuable investor education available.
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