Who is Howard Marks?

Howard Marks is a prominent investor and co-founder of Oaktree Capital Management, known for his contrarian, value-oriented approach. The material tracks his views on market valuations, fund management, and crisis investing.

• Mar 2026 - Marks stated that buying the S&P 500 at a P/E ratio of 23 has historically resulted in annualized returns between 2% and -2% over the following decade, with no exceptions.
• Jul 2026 - Marks noted that while most investment firms raise larger funds after strong performance, Oaktree deliberately makes its next fund smaller, believing strong past results indicate diminished future opportunities.
• Jul 2026 - Marks observed that the best time to invest is during a crisis, but raising capital during such periods is nearly impossible due to negative news flow.