Co-founder and co-chairman, Oaktree Capital Management
Howard Marks built Oaktree into the world's largest investor in distressed debt. Better known than his returns are his memos: essays he has published since October 1990, available free on Oaktree's website. They are rarely about individual stocks and almost always about risk, market psychology and where we stand in the cycle.
Marks is one of the few investors who writes consistently about what you cannot know. That makes his memos useful as an antidote to both euphoria and panic — and they tend to appear precisely when the market is displaying one of the two.
Graduates from Wharton with a minor in Japanese studies; later earns an MBA at the University of Chicago.
Builds a high-yield bond portfolio at Citibank after meeting junk bond pioneer Michael Milken.
Moves to TCW Group, leading the distressed debt and convertible securities teams.
Publishes his first client memo on 12 October.
Founds Oaktree Capital Management with Bruce Karsh and four colleagues.
Publishes 'The Most Important Thing', later followed by 'Mastering the Market Cycle'.
Brookfield Asset Management takes a majority stake in Oaktree; Marks and Karsh continue to run the firm.
“You can't predict. You can prepare.”
“Being too far ahead of your time is indistinguishable from being wrong.”
Updated: 2026-07-23
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