Howard Marks memo

[Ax6isB]

Anyone here read Howard Mark’s memos or books? I read his latest memo and it sounds like he’s signaling a turn in how “value” investing is being defined. Also, he notes some differences from how the stock market functioned when he and Buffet got started vs how different it is now, particularly when it comes to determining valuations.

I’ve followed him for some time and felt he was a little behind so this was an interesting read for me. I think some of his latest observations about how investing works in today’s markets appear to be accurate.

[RetireJapan]

Here's the latest memo: https://www.oaktreecapital.com/insights ... arks-memos

I found it pretty interesting too, but of limited use as I am a lazy 'buy the entire world market' kind of investor

[KyushuWoozy]

Here's his first memo: https://en.wikipedia.org/wiki/Mr._Nice_(book)

It's years since I read it but I remember it as a very entertaining read. RIP.

[mighty58]

That was an interesting (if long) read, thanks for sharing.

The main points I got out of it were:
- it's not a particularly productive to delve into the financials of any one company looking for an undervalued stock.
- a thesis-based approach, identifying a sector (or a specific subset) that you feel will be big in the long-term, then looking for the best players within that subset, seems more rational. determining who the best players will require to look beyond the financials.
- buy and hold for as long as the company still has growth potential, no matter how high the stock may have risen.

Somewhat common sense in the modern world, but interesting nonetheless to hear a career value investor walk himself through the thinking in that way.

[Ax6isB]

That was my take away too. It’s like he caught up with the change in the market functionality that has happened during his long career. Finding value that hasn’t been identified by the algos or millions of other investors is almost impossible now.

[Jake]

Here's his first memo: https://en.wikipedia.org/wiki/Mr._Nice_(book)

It's years since I read it but I remember it as a very entertaining read. RIP.

That Howard Marks is of course now deceased, but possibly far more interesting than reading about financial markets

[TokyoWart]

This thread is confusing two different Howard Marks. One is a Welsh drug smuggler who wrote "Mr Nice" and died of colon cancer a few years ago (https://en.wikipedia.org/wiki/Howard_Marks). The other is a famous investor associated with Oaktree Capital who is very much alive and writes interesting memos on investing (https://en.wikipedia.org/wiki/Howard_Marks_(investor)). I haven't read anything by the deceased drug smuggler but I really enjoyed the other Howard Marks' "The Most Important Thing."

[RetireJapan]

I enjoy both their writing

[KyushuWoozy]

drug smuggler

Specifically, cannabis smuggler. He was very particular about not dealing with hard drugs. Morally speaking, I prefer his method of money making to many in high-finace (The Wolf of Wall Street etc). Mr Nice is a great read and probably much less dry than the other Howard Marks' book.

[TokyoWart]

drug smuggler

Specifically, cannabis smuggler. He was very particular about not dealing with hard drugs. Morally speaking, I prefer his method of money making to many in high-finace (The Wolf of Wall Street etc). Mr Nice is a great read and probably much less dry than the other Howard Marks' book.

No judgement intended here since I am also in the international pharmaceuticals industry. I would probably enjoy reading "Mr Nice" and will keep an eye out for it.