Howard Marks interview with Outlook India
His claim to fame
is investing but he also has a namesake whose initial claim to fame was
marijuana smuggling. While his namesake has an updated website, he doesn’t
write regular memos, the way Mark does to his investors. Though there is no
fixed frequency, the update is eagerly looked forward to and widely discussed.
Not only is Marks a big name in equity investing, he is even bigger in distress
debt. He divides his time between Los Angeles, where his firm, Oaktree Capital,
is headquartered, and New York, where he reportedly plunked $52.5 million for a
30-room duplex last year. He also funded the ascent of bond market maverick
Jeffrey Gundlach, both being ex-TCW fund managers. After his bitter parting
from TCW, Gundlach’s DoubleLine Capital was jump-started by capital provided by
Marks. At 66, he is sprightly but far from impressed with the current bounce in
the S&P 500. According to him, the biggest risk now is edgy uninformed
investors who are less worried about losing money and more worried about losing
opportunities.
