Howard Marks (investor)
Howard Marks | |
---|---|
Born | 1945 or 1946 (age 77–78) MBA) |
Occupation(s) | Co-founder and co-chairman of Oaktree Capital Management |
Spouse | Nancy Freeman Marks |
Children | Andrew Marks (with Nancy) Jane Hait (step-child) |
Website | www |
Howard Stanley Marks (born 1945 or 1946) is an American investor and writer. He is the co-founder and co-chairman of Oaktree Capital Management, the largest investor in distressed securities worldwide. In 2022, with a net worth of $2.2 billion, Marks was ranked No. 1365 on the Forbes list of billionaires.[1]
Marks's essays, called "memos", are widely admired in the investment community. They detail his investment strategies and insight into the economy and are posted publicly on the Oaktree website. He has also published 3 books on investing.[2][3] According to Warren Buffett, "When I see memos from Howard Marks in my mail, they're the first thing I open and read. I always learn something, and that goes double for his book."[4]
Marks focuses on risk management and says that investors should set
Funds led by Marks have produced long term returns net of fees of 19% per year. Investors are primarily pension funds and sovereign wealth funds.
Early life and education
Marks was born in 1945 or 1946 and raised in
Career
Citicorp
From 1969 until 1978, Marks worked at
TCW Group
In 1985, Marks joined
Oaktree
After being founded in 1995, Oaktree grew rapidly, focusing on high-yield debt, distressed debt, and private equity.[3]
During the
In April 2012, Oaktree became a public company via an initial public offering on the New York Stock Exchange, raising $380 million by selling 8.84 million shares for $43 each.[16]
In March 2019,
Organizations
From 2000 to 2010, he chaired the Trustees' Investment Board at The University of Pennsylvania.[10] He is a member of the New York Society of Security Analysts and chairs the Investment Committees of the Metropolitan Museum of Art, where he is a trustee, and the Royal Drawing School (London).[10]
Personal life
Marks' first marriage ended in divorce. He has one biological son with his second wife Nancy (née Freeman), who runs the Marks family office, Freemark Partners, and one step-daughter from Nancy's prior marriage.
Philanthropy
In 1992, Marks created the Howard S. Marks Terms Scholarship to provide renewable scholarships to undergraduates at the University of Pennsylvania. In 2009 he endowed the Marks Family Writing Center at the university.
In March 2023, Nancy and Howard Marks made a $5 million gift to University of California, Los Angeles to endow a faculty chair held by the Vice Chair of Women’s Health Research in the department of obstetrics and gynecology at the David Geffen School of Medicine at UCLA. The gift will provide resources to help ensure that women’s health research efforts at UCLA Health are led by an eminent physician-scientist. [19]
Residences
In 2010, Marks bought an oceanfront property in
Political affiliation
Marks is a member of the
Books
- 2011: The Most Important Thing: Uncommon Sense for the Thoughtful Investor[29]
- 2012: The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor[30]
- 2018: Mastering the Market Cycle: Getting the Odds on Your Side[31]
References
- ^ "Forbes". Forbes.
- ^ Walsh, Ben (December 21, 2011). "The Best Of Howard Marks: Advice From A Legendary Investor". Business Insider. Archived from the original on April 9, 2017. Retrieved March 4, 2020.
- ^ a b c d Kimes, Mina (March 31, 2011). "Howard Marks: bonds are back in fashion". CNN. Archived from the original on March 17, 2016. Retrieved March 4, 2020.
- ^ a b Zhen, Ye (November 14, 2013). "Investing: 'not a game, not a hobby'". Shanghai Daily. Archived from the original on March 4, 2020. Retrieved March 4, 2020.
- ^ Kobayashi-Solomon, Erik (September 14, 2018). "Howard Marks On Business Cycles And The Option Value Of Cash". Forbes. Archived from the original on March 4, 2020. Retrieved March 4, 2020.
- ^ "Howard Marks established Oaktree as a leader in distressed debt". Crain Communications. October 29, 2012. Archived from the original on January 24, 2015. Retrieved March 5, 2020.
- ^ a b Wee, Gillian (June 17, 2011). "Biggest Distressed Debt Investor Marks Europe With 19% Returns". Bloomberg News. Archived from the original on 2020-04-09. Retrieved 2020-03-04.
- ^ Marks, Howard (December 26, 2004). "Saving the mother tongue from a dusty silence". Los Angeles Times. Archived from the original on March 4, 2020. Retrieved March 4, 2020.
- ^ Mott, Amanda (May 19, 2020). "Howard and Nancy Marks endow the Marks Family Center for Excellence in Writing". Penn Today. Retrieved 26 September 2022.
- ^ a b c d "Biography: Howard Marks". Oaktree Capital Management. Archived from the original on 2016-11-29. Retrieved 2016-09-20.
- ^ "Member Directory".
- ^ "Mastering the Market Cycle: Getting the Odds on Your Side—A Conversation between Howard Marks, CFA, and CFA Society Portland". 10 January 2019. Archived from the original on 4 March 2020. Retrieved 4 March 2020.
- ISBN 0140120904.
- ^ Petruno, Tom (March 16, 1995). "5 Key Officers to Leave TCW, Form New Firm : Securities: Their departure is likely to spark a heated battle for TCW's employees and clients". Los Angeles Times. Retrieved 1 May 2020.
- ^ Petruno, Tom. "5 Key Officers to Leave TCW, Form New Firm". Los Angeles Times.
- ^ a b Banerjee, Devin; Dharmarajan, Sheila (May 7, 2012). "Oaktree's Marks Says Share Sale Was Humbling Experience". Bloomberg News. Archived from the original on 2020-03-04. Retrieved 2020-03-04.
- ^ "Forbes: the World's Billionaires - Howard Marks". Forbes. Archived from the original on 2018-12-25. Retrieved 2017-08-31.
- Globe Newswire. March 13, 2019. Archivedfrom the original on March 4, 2020. Retrieved March 4, 2020.
- ^ "$5 million gift from Nancy and Howard Marks endows chair in women's health research at UCLA".
- ^ "Deutsch sells Hamptons property for $30M". The Real Deal. October 12, 2010. Archived from the original on March 4, 2020. Retrieved March 4, 2020.
- ^ David, Mark (May 15, 2012). "Howard Marks Spends Big at 740 Park Avenue". Variety. Archived from the original on March 4, 2020. Retrieved March 4, 2020.
- ^ Brennan, Morgan (January 7, 2013). "Billionaire Howard Marks Sells $75 Million Malibu Mansion In Record-Breaking Deal". Forbes. Archived from the original on March 4, 2020. Retrieved March 4, 2020.
- ^ David, Mark (June 16, 2015). "Nick Vanoff Estate Sells to Billionaire Financier". Variety. Archived from the original on May 25, 2018. Retrieved March 5, 2020.
- ^ McClain, James (October 21, 2017). "Billionaire Howard Marks spends nearly $10 million on the little house next door". Dirt. Archived from the original on October 27, 2020. Retrieved March 5, 2020.
- ^ "Oaktree Capital's Howard Marks buys 4 Amagansett parcels for $35M". The Real Deal. May 23, 2019. Archived from the original on March 4, 2020. Retrieved March 4, 2020.
- ^ Xiao, Derek (August 18, 2016). "Billionaire Investor Howard Marks Slams Trump's Economic Policies for 'Ignoring Economic Reality'". Forbes. Archived from the original on March 4, 2020. Retrieved March 4, 2020.
- ^ "Howard Marks Political Campaign Contributions 2016 Election Cycle". Archived from the original on 2019-04-18. Retrieved 2020-03-04.
- ^ Langlois, Shawn (January 31, 2019). "Billionaire Howard Marks on Ocasio-Cortez's tax plan: 'People at the bottom won't have as many at the top to resent'". MarketWatch. Archived from the original on 2019-02-23. Retrieved 2020-03-05.
- ISBN 978-0231153683.
- ISBN 9780231162845.
- ISBN 9781328480569.