Memo Philosopher, Cycle Thinker, and Pioneer of Credit Market Investing
9Key Events
3Frameworks
5Beliefs
Top FrameworkMarket Cycle Positioning ChecklistSystematically observe credit conditions, valuation levels, investor sentiment, and capital flows to determine where the market sits in its cycle.
Key DecisionsMaintaining independent judgment when market consensus is strongest requires enormous contrarian courage, but this is precisely the source of alpha.
Risk perception is a prerequisite for counter-cyclical action; heighten vigilance when markets are most optimistic, and seek opportunities when markets are most pessimistic.
Explore →Top FrameworkHoward Marks
Memo Philosopher, Cycle Thinker, and Pioneer of Credit Market Investing
“We may not know where we're going, but we'd better know where we are.”— Mastering the Market Cycle, Howard Marks, 2018
Top FrameworkMarket Cycle Positioning ChecklistSystematically observe credit conditions, valuation levels, investor sentiment, and capital flows to determine where the market sits in its cycle.
Signature DecisionPublished Memo Warning of Internet Bubble, Precisely Predicting the CollapseMaintaining independent judgment when market consensus is strongest requires enormous contrarian courage, but this is precisely the source of alpha.
Oaktree Capital Co-FounderMarket Cycle AuthorityCredit Investing PioneerMemo Philosopher
9Key Events
3Frameworks
5Beliefs
Explore Howard Marks →