Early Life and Education
Howard Marks was born in Queens, New York, in 1946. He graduated cum laude from the Wharton School of the University of Pennsylvania in 1967 with a degree in finance and a minor in Japanese Studies. He furthered his education at the University of Chicago Booth School of Business, earning an MBA in accounting and marketing in 1969, where he won the George Hay Brown Prize. Marks also holds a CFA charterholder.
Rise to Success
Marks began his career at Citicorp in 1969, where he worked as an equity research analyst and eventually became the Director of Research. He later served as a Vice President and senior portfolio manager at Citicorp Investment Management. In 1985, Marks joined TCW Group, where he led groups managing investments in high-yield debt and convertible securities. In 1995, Marks, along with Bruce Karsh and others, founded Oaktree Capital Management. Oaktree quickly became a major player in the investment world, focusing on distressed debt, high-yield bonds, and private equity. The firm has grown to manage billions in assets under Marks' leadership. Brookfield Asset Management acquired a majority stake in Oaktree in 2019.
Key Business Strategies
Marks is known for his value-oriented, and risk-controlled approach to investments. He emphasizes understanding market cycles, managing risk, and contrarian investing. His investment memos are widely read and respected for their insights. Marks favors using market timing strategies and maintains the importance of admitting what you don't know. Oaktree's ability to invest during economic downturns is a key aspect of their strategy.
Philanthropy
Marks has been involved in philanthropy, notably through the Howard S. Marks Terms Scholarship at the University of Pennsylvania, which provides scholarships to undergraduates. He endowed the Marks Family Writing Center at the university and contributed to other programs at Penn and UCLA. The Howard and Nancy Marks Foundation has over $19 million in assets.
