What Howard Marks thinks about value investing
Co-founder and co-chairman of Oaktree Capital Management; author of the Oaktree memos.
Howard Marks did not write this page.
We collected these quotes from things they published elsewhere, and every quote links to where it was said. They have no account here and have not endorsed this site. Quotes are word for word; the short line under each one is our own restatement, not their wording. Their own site. Is this you? Claim it or ask us to remove it. Or tell us what is wrong here.
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3 dated positions, 2021, in their own words. Our reading of what Howard Marks has said — not written or endorsed by them.
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Their wordsRather than being defined as one side of this artificial dichotomy, value investing should instead consist of buying whatever represents a better value proposition, taking all factors into account.
↗Something of Value (memo to Oaktree clients)oaktreecapital.com
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Our readingThe value-versus-growth distinction does not serve investors well in a fast-changing world.
Their wordsMy extensive discussions with Andrew led me to conclude that the focus on value versus growth doesn’t serve investors well in the fast-changing world in which we live.
↗Something of Value (memo to Oaktree clients)oaktreecapital.com
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Their wordsNot only are the traditional staples of classic value investing (readily discernable quantitative measures of cheapness in the here-and-now) no longer likely to produce a sustainable edge on their own, but the world has gotten more complex, with many more dynamics that can drive a decoupling of near-term metrics from valuation, both to the positive and negative.
↗Something of Value (memo to Oaktree clients)oaktreecapital.com