Howard Marks
Lists / People

Howard Marks

Second-level thinking, market cycles, risk-as-permanent-loss (Memos to Oaktree clients)

Dennis Howard Marks was a Welsh drug smuggler and author who achieved notoriety as an international cannabis smuggler through high-profile court cases.

Wikipedia
#9Value Investors#19Business Authors of the Last 25 Years
100/ 100
Authority scoreCanonical
2lists#9peak2primary2categories
05
Top 100 Value Investors
Rank #9·Second-level thinking, market cycles, risk-as-permanent-loss (Memos to Oaktree clients)
22
Top 100 Business Authors of the Last 25 Years
Rank #19·investing memos / *The Most Important Thing*, *Mastering the Market Cycle*
Frameworks

Attributed to Howard Marks

Mental models, principles, and operating frameworks extracted from sources where Howard is the credited author or speaker.

5frameworks
01
Second-Level Thinking
To outperform, you must think differently AND better than the consensus
Strategy·from Howard Marks — How to Invest with Clear Thinking
02
The Contrarian Prudence Investment Framework
Increase caution precisely when others become reckless and opportunity emerges
Finance·from Howard Marks: How I Mastered the Markets - My Advice From 50 Years of Investing
03
The Market Cycle Awareness Framework
You may not know where you're going, but you must know where you are
Finance·from Howard Marks — How to Invest with Clear Thinking
04
The Second-Level Thinking Model
Think beyond the obvious consensus to find where the crowd is wrong
Strategy·from Howard Marks: How I Mastered the Markets - My Advice From 50 Years of Investing
05
The Three Pillars of Defensive Investing
Build portfolios that survive the worst scenarios rather than just capturing the best ones
Finance·from Howard Marks on the US Dollar, Three Ways to Add Defense, and Good Questions | The Tim Ferriss Show
Domains

Framework distribution

5frameworks
Finance3 frameworks · 60%
Strategy2 frameworks · 0%
Bibliography

Sources by Howard Marks

4sources
Book
—
Mastering the Market Cycle
Book
Podcast
2025
Howard Marks: How I Mastered the Markets - My Advice From 50 Years of Investing
Podcast·4 frameworks extracted
2020
Howard Marks on the US Dollar, Three Ways to Add Defense, and Good Questions | The Tim Ferriss Show
Podcast·2 frameworks extracted
2018
Howard Marks — How to Invest with Clear Thinking
Podcast·4 frameworks extracted
Appears alongside

Top neighbors of Howard Marks

8people
01
A.G. Lafley & Roger Martin
playing-to-win / *Playing to Win*
1shared list
02
Adam Grant
give-and-take / *Give and Take*, *Originals*, *Think Again*
1shared list
03
Alice Schroeder
Buffett biographer / *The Snowball*
1shared list
04
Allan Mecham
Arlington Value; quiet 30%+ CAGR, "Tao of value"
1shared list
05
Álvaro Guzmán de Lázaro
azValor; Spanish deep-cyclical contrarian
1shared list
06
Andrew Brenton
Turtle Creek; concentrated Canadian value, 20%+ CAGR
1shared list
07
Andrew Lo
adaptive markets / *Adaptive Markets*
1shared list
08
Andy Stanley
leadership communication / *Communicating for a Change*
1shared list
Last updated
10 May 2026
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