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Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.

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Latest Memo from Howard Marks

MarkMark
in Other Investing

A Look Under the Hood

"Over the last 56 years, I’ve spent a lot of time making suggestions to clients regarding their investment processes and portfolios, and I’ve been on the client side as a member of various investment committees. But seldom have I been able to bridge the two, serving as an active participant in clients’ investment processes. I had an opportunity to do just that the other day, when I met with the board and senior staff of a U.S. state pension fund. I was asked to listen in and provide feedback on the results of a board-member survey their consultant had recently conducted and would be reporting on during the meeting.


The content of the consultant’s session impressed me so much that I decided to write a memo about it. I’m not disclosing the names of the state and its consultant, for obvious reasons, but I’m very pleased that they agreed to let me use the content of the meeting as raw material for this memo.


In the meeting, the consultant covered many of the things I consider “the most important thing” and often came down on the same side I would (admittedly, that might’ve contributed to why I was so impressed!). I’m going to sum up below the consultant's assessment of the board survey and my reaction. My hope is that this is as informative for you as it was for me."

PDF Version

Comments

  • JD_co
    "They're not looking for the elusive black box that others say will give them return without risk."
    Ah, the Holy Grail of investing. It's out there. We know it exists.

  • Old_JoeOld_Joe
    Check with FullyDuped1000% on that black box. From his numerous self-admiratory claims I believe that he invented it.
  • JD_co
    OJ, that's more a black hole situation than black box.
  • WABACWABAC
    Old_Joe said:

    Check with FullyDuped1000% on that black box. From his numerous self-admiratory claims I believe that he invented it.

    In his own mind he is without Peer, or as he would have it: Pierre.
  • FD1000
    edited October 29
    Howard Marks's last January memo called for a bubble. I posted the following months ago, and it's still true now. Mark's memos have lots of fluff and hardly anything about what to do.

    10 months later the SP500 is up close to 20%.

    I can play Marks, we are in a bubble, just to cover my axx, I don't have a clue when it will happen.
  • MarkMark
    Yes, we all have heard that your better than any great investor ever as you've related many, way to many times. Pick up the needle and move it or get a better turntable.
  • FD1000
    edited October 29
    I never said I'm better. I already made my comments then and now.
    No one should predict the future.
    Predictions based on valuation have been wrong for over 10 years.

    Lastly, did you make changes in real time to your portfolio based on the memos?
  • MarkMark
    Not necessarily. I use these memos as a source of advice and counsel and not as source of actionable items. I feel that I am a more rounded investor for having read and learned from them.
  • WABACWABAC
    edited October 29
    Howard Marks, Groucho Marx, or Karl Marx?

    Which way does the fickle finger of auto-correct point?

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  • Observant1
    edited October 29
    Mark said:

    I use these memos as a source of advice and counsel and not as source of actionable items.
    I feel that I am a more rounded investor for having read and learned from them.

    FD1000 believes articles or stories must include information that is currently actionable in order to be valuable.
    He will often judge writings which don't meet this standard to be merely clickbait.
    There are some who may conclude that FD1000 is the antithesis of the "thinking man."

    image
  • WABACWABAC
    Observant1 said:

    Mark said:

    I use these memos as a source of advice and counsel and not as source of actionable items.
    I feel that I am a more rounded investor for having read and learned from them.

    FD1000 believes articles or stories must include information that is currently actionable in order to be valuable.
    I could understand that.

    I don't understand people that don't acknowledge they went on a wild rant because they didn't pay enough attention to the discussion to distinguish the spelling of names and the topic.

  • sma3
    When I offer my opinion, I present data to back it up. If I am giving someone advice on what to do, I also tell them exactly what I do or did in similar situations.
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