The month of May is American Jewish History Month, so for this entire month I will continue share the stories of important Jewish figures in American finance. Today, I will share the story of Howard Marks who is the co-founder of Oaktree Capital Management, which specialized in investing in distressed securities.
Howard Marks was born in 1946 and raised in Queens, New York. Although his family was ethnically Jewish, he was raised as a Christian Scientist, but as the saying goes “once a Jew, always a Jew.”
Marks pursued his education at the Wharton School of the University of Pennsylvania. He later earned an MBA from the University of Chicago Booth School of Business.
He began his career at Citicorp in 1969, working as an equity research analyst before becoming the company’s Director of Research. He later joined TCW Group in 1985, where he led investment groups focused on distressed debt, high-yield bonds, and convertible securities. In 1995, he co-founded Oaktree Capital Management, which became a dominant force in distressed securities investing. Under his leadership, Oaktree raised $10.9 billion during the 2007–08 financial crisis to invest in distressed assets. In 2012, Oaktree went public on the New York Stock Exchange, raising $380 million, and in 2019, Brookfield Asset Management acquired 62% of the firm. The firm now has approximately $200 billion under management.
Marks is widely respected for his investment memos, which provide deep insights into market trends and investment strategies. His memos are free and available to everyone. His books, including The Most Important Thing and Mastering the Market Cycle, are highly regarded in the financial community. Warren Buffett has praised Marks, stating, "When I see memos from Howard Marks in my mail, they're the first thing I open and read."