@thefoundrybrief: $2.2 billion is Howard Marks's estimated net worth. He co-founded Oaktree Capital Management, the world's largest investor in distressed securities. He has been writing memos to clients since 1990. Warren Buffett wrote him a letter after reading them.

"In 1999, before the dot-com crash, he wrote..."
 "The bottom line is that many of the investors setting the prices in today's markets don't care about valuation. I get no sense at all that the analysts and portfolio managers backing the large-cap growth stocks and internet high-flyers can imagine prices at which they would be mere holds or, heaven forbid, sells."

“In 2007, before the financial crisis, he wrote…” 
"In the end, buyers took out the biggest mortgage possible given their incomes and prevailing interest rates. Such mortgages would land them in the houses of their dreams and would leave them there as long as conditions did not deteriorate, which they invariably do. Any way you slice it, standards for mortgage loans have dropped in recent years, and risk has increased. Logic-based? Perhaps. Cycle-induced and exacerbated? I'd say so. Certainly, mortgage lending was made riskier. We'll see in a few years whether that was intelligent risk-taking or excessive competitive ardor." 
Both times he was right.
 His view on investing : "The people who don't know think the way you make money is by buying good assets, a good building, stock in a good company. That is not the secret for success. The secret is buying things for less than they're worth." #HowardMarks #Investing #business #ValueInvesting #TheFoundryBrief

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Saturday 25 April 2026 02:46:56 GMT