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Howard Marks on Luck

MJG
edited March 2014 in Fund Discussions
Hi Guys,

Howard Marks has been long recognized as a member in good standing of the Benjamin Graham SuperInvestors club. That club of value investors has a very elite and limited membership honor roll.

I have been recently posting on the influence of the Luck Factor on financial outcomes. In a timely manner, Howard Marks just completed an interview at the prestigious Wharton School at the University of Pennsylvania. He acknowledges the major role that luck played in his investment career.

Here is a Link to that interview:

http://knowledge.wharton.upenn.edu/article/investor-howard-marks-luck-risks-job-got-away/

Enjoy.

Best Regards.

Comments

  • scott
    edited March 2014
    Added to Oaktree today - very comfortable investing with Howard Marks and co long-term.

    Good interview, btw.
  • Kaspa
    Memo on luck from Howard Marks

    http://www.oaktreecapital.com/MemoTree/Getting Lucky_2014_01_16.pdf
  • MJG
    Hi Kaspa,

    Thank you so very much for the excellent essay on Luck generated by Howard Marks a few years ago. It is thoroughly entertaining, personally revealing, and spot on-target. It is a keeper.

    Marks humbly admits that luck was a major factor in his success story. I believe most famous folks would freely and honestly admit that luck was a significant influence in their successful accomplishments.

    I particularly liked the Marks references to Galdwell, to Maubossin, and to Buffett. These men have all entered my submittals that address the part that luck plays in the investment universe.

    I have prospered from good luck, and have suffered the pain of bad luck throughout my lifetime. On the good luck side of the balance sheet, I met my future wife when I was accidentally assigned to a hypersonic wind tunnel facility while in the military. She was at that site for a short working summer, and we overlapped by only two weeks. We married a year later. On the painful side, we lost a son to cancer at a young age. We will forever miss him.

    I suspect everyone has lucky and unlucky stories that are similar to these.

    Best Wishes.
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