We consider Howard Marks (with his team of course) one of the smartest guys in the room. He is the “five tool” customer: a lender to, borrower from, JV investor in, asset buyer from and seller of assets to, many of our clients.
[From the Wall Street Journal, Published October 8th 2018]
Mastering the Market Cycle’ Review: The Dangers of Optimism
Read the entire article at https://goo.gl/1wyvGL
Amid so much purportedly expert investment advice, it is worth asking who the experts themselves listen to. One answer, undoubtedly, is Howard Marks, among the world’s most successful investment managers as well as an intellectual leader of the profession. His client memos are widely distributed among investment professionals. “When I see memos from Howard Marks in my mail,” Warren Buffett has said, “they’re the first thing I open and read. I always learn something.”