(born April 23, 1946) is an American investor and writer. After working in senior positions atCitibankearly in his career, Marks joinedTCWin 1985 and created and led the High Yield, Convertible Securities and Distressed Debt groups.In 1995, he left TCW and co-foundedOaktree Capital Management. In the 2017rankings of the wealthiest Americans, Marks was ranked the 374 richest person in the United States, with a net worth of $1.91 billion.

He is known in the investment community for his Oaktree memos to clients which detail investment strategies and insight into the economy.6He has published several books on investing.

Howard Marks was born in 1946 and raised inQueens, New York.7Although his family was ethnicallyJewish, he was raised as aChristian Scientist.8He attended theWharton Schoolat theUniversity of Pennsylvaniafor undergraduate studies, where he graduatedcum laudein 1967 with a major in finance29and a minor in Japanese Studies.7At the age of 23, he earned anMBAin Accounting and Marketing from theBooth School of Businessat theUniversity of Chicagowhere he won the George Hay Brown Prize.2He moved to New York to start work and in 1980 relocated toLos Angeles, California.10He is aCFA charterholder.11

Starting in 1969 and continuing until 1978, Marks worked atCiticorpfirst as an equity research analyst and then as the companys Director of Research. From 1978 to 1985 he served as a Vice President, as well as a senior portfolio manager overlooking convertible and high yield securities.2

In 1985 he joined theTCW Groupwhere he led the groups that were responsible for investments inhigh yield bondsand convertible securities, and in 1988 he andBruce Karshorganized one of the firstdistressed debtfunds from a mainstream financial institution. He was also Chief Investment Officer for domestic fixed income, and the President of TCW Asset Management Company. He remained with the company until 1995.2

In 1995 Marks and five other partners left TCW12to foundOaktree Capital Management10inLos Angeles.13The investment firm grew rapidly, focusing on high-yield bonds, distressed debt, private equity, and adding further strategies.13He remains Co-chairman of the organization.

During the2008 financial crisisOaktree raised $10.9 billion, the largest distressed debt fund in history, to buy distressed assets, which paid off richly for his investors, according toCNN.13According toBloomberg, Oaktrees 17 distressed-debt funds have averaged annual gains of 19 percent after fees for the past 22 years about 7 percentage points better than its peers tracked by Boston-based consulting firm Cambridge Associates LLC.14

In early 2012, Oaktree listed shares on theNYSE. The IPO raised $380 million, selling 8.84 million shares for $43 each.12

Marks consistently writes what he calls memos to Oaktree clients which outline his views on investing, the markets, and economies. According toCNN, he is Admired for the folksy charm and astute commentary of his letters to investors.13According toBusiness Insider, the letters read likeMichael Lewisghostwriting forWarren Buffett: insightful, direct, homespun, expert and sharply pointed. Their quality and insight have gained them a devoted readership among value investors.6

In March 2011 he published the bookThe Most Important Thing: Uncommon Sense for the Thoughtful InvestorthroughColumbia Business School Press. The book covered his investment strategies and analysis of market opportunity and risk. The book was praised byWarren Buffett, who called it a rarity in its usefulness. According to Buffett, When I see memos from Howard Marks in my mail, theyre the first thing I open and read. I always learn something, and that goes double for his book.15In 2013, he published an updated edition entitled The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor.16

His most recent book,Mastering the Market Cycle: Getting the Odds on Your Side, was published in October 2018 by Houghton Mifflin Harcourt.17

In 1992, he created the Howard S. Marks Terms Scholarship to provide renewable scholarships to undergraduates at the University of Pennsylvania, and in 2009 he endowed the Marks Family Writing Center at the university. From 2000 to 2010 he chaired the Trustees Investment Board at The University of Pennsylvania,9where as of 2016 he is an Emeritus Trustee.18He is a member of the New York Society of Security Analysts and the Investment Committees of the Metropolitan Museum of Art, the Edmund Safra Foundation, and formerly of the Leona and Harry Helmsley Charitable Trust.9He is a Trustee of the Metropolitan Museum and Chairman of the Board of Trustees of the Royal Drawing Room.18He is also on the board of directors of Jadwa Investment, Saudi Arabia.19

Marks first marriage ended in divorce.20He has one biological child with his second wife Nancy (ne Freeman): Andrew Marks,21who runs Freemark Partners, the investment firm for the Marks family,22and one step-child: Jane Hait, from Nancys prior marriage.1420His wife has a B.A. in Psychology fromNew York University(1971) and an M.A. fromColumbia University Teachers College(1972).21She is a member of the Board of Directors for theLos Angeles Museum of Contemporary Art.23

The Most Important Thing: Uncommon Sense for the Thoughtful Investor

The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor

Mastering the Market Cycle: Getting the Odds on Your Side

Forbes: the Worlds Billionaires – Howard MarksMay 2018

CSIMA Conference: Speakers. Columbia Marks. Archived fromthe originalon 2011-12-11

Walsh, Ben (December 21, 2011).The Best Of Howard Marks: Advice From A Legendary Investor.

Wee, Gillian (June 17, 2011).Biggest Distressed Debt Investor Marks Europe With 19% Returns.

Los Angeles Times: Saving the mother tongue from a dusty silence by Howard MarksDecember 26, 2004

Marks Family Writing Center: About Howard Marks.

Spaulding, David, CIPM (February 2012). The Journal Interview: Howard Marks, CFA.

Banerjee, Devin (May 7, 2012).Oaktrees Marks Says Share Sale Was Humbling Experience.

Kimes, Mina (March 31, 2011).Howard Marks: bonds are back in fashion.

The Most Important Thing: Uncommon Sense for the Thoughtful Investor

Marks, Howard. The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor. Columbia Business School Publishing. Jan. 15, 2013

Mastering the Market Cycle: Getting the Odds on Your Side

US Securities and Exchange Commission.Oaktree Capital Group, LLCPg. 187

Jadwa.Board of Directors.Jadwa Investment website

Lang, Jonathan (March 13, 2013).Howard Marks: Bond Rally Only In 5th Inning. Barrons. Archived fromthe originalon 2014-05-23

The Los Angeles Fund for Public Education Our Board: Nancy Marksretrieved April 5, 2013

Los Angeles Times: MOCA Board: Meet the billionairesretrieved April 5, 2013

:Oaktree says Europe will be a mess for a long time

History of private equity and venture capital

Wharton School of the University of Pennsylvania alumni

University of Chicago Booth School of Business alumni

Wikipedia articles with WorldCat-VIAF identifiers

This page was last edited on 22 September 2019, at 10:49

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