Howard Marks has not joined FLAPSS and has not endorsed it. This page is a reference record assembled from published interviews and public remarks. Every answer below is a direct quotation with the source and date shown next to it.
Co-founder and co-chairman of Oaktree Capital Management
United States · b. 1946
Co-founded Oaktree Capital Management in 1995, having previously run distressed debt and high yield portfolios at TCW and Citicorp. He has published memos to Oaktree clients since 1990.
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There are a few things I dismiss and a few I believe in thoroughly. The former include economic forecasts, which I think don't add value, and the list of the latter starts with cycles and the need to prepare for them.
Recorded Oaktree memo, Oaktree Capital Management (client memo), 20 November 2001 source
In my opinion, the key to dealing with the future lies in knowing where you are, even if you can't know precisely where you're going. Knowing where you are in a cycle and what that implies for the future is very different from predicting the timing, extent and shape of the next cyclical move.
Recorded Oaktree memo, Oaktree Capital Management (client memo), 20 November 2001 source
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