Early Life and Education
Howard Marks was born in 1946 in Queens, New York. He attended the Wharton School of the University of Pennsylvania, graduating cum laude in 1967 with a degree in finance. He furthered his education at the University of Chicago Booth School of Business, earning an MBA in 1969.
Rise to Success
Marks began his career at Citicorp in 1969, eventually becoming the Director of Research. From 1978 to 1985, he was a vice president and senior portfolio manager overseeing convertible and high-yield debt. In 1985, he joined TCW Group, where he led groups responsible for high-yield debt and convertible securities. Marks, along with Bruce Karsh and others, founded Oaktree Capital Management in 1995, where he currently serves as co-chairman. Oaktree has grown to become a leading global investment firm specializing in alternative investments, focusing on credit strategies and distressed debt.
Key Business Strategies
Marks emphasizes risk management and contrarian investing. He advocates for understanding market cycles, managing investment psychology, and inferring consequences from company data. His investment philosophy is articulated in his widely read memos and his book "The Most Important Thing."
Philanthropy
Marks is involved in philanthropy through the Howard and Nancy Marks Foundation, which supports projects across the United States. In 1992, he established the Howard S. Marks Terms Scholarship at the University of Pennsylvania. In 2009, he endowed the Marks Family Writing Center at the university, and in March 2023, he and his wife made a $5 million gift to UCLA to endow a faculty chair.