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Howard Marks: Frontier Investing Is Next Opportunity

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Jacob Wolinsky
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Notes from the fireside chat with Howard Marks from the 2020 SohnX San Francisco Conference.

See the full coverage here.

Q2 2020 hedge fund letters, conferences and more

Howard Marks oaktree capital value investing value investors valuation metrics famous investors PE ratio PB ratio EV/EBITDA PEG ratio

Howard Marks of Oaktree Capital

  • Culture and leadership is key to the organization
  • Set the tone in the beginning
  • Howard wrote the rules at the start to follow from thereafter
  • Risk control is key
  • Culture driven organization
  • Risk is possibility of something undesirable happening
  • Not volatility
  • Volatility is quantifiable but it is not risk
  • Ratings agency is helpful for present state
  • Standards of issuing triple c debt should be difficult
  • Recent years, have been easy...

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Jacob Wolinsky is the ex-Founder of Valuewalk.com (founded 2011, sold 2023). He is founder of HedgeFundAlpha (formerly ValueWalk Premium), a hedge fund focused intelligence service for institutional investors. Prior to founding Valuewalk, Jacob covered small caps, worked recruiting members for a large hedge fund community and freelance financial journalism. Jacob lives with his wife and five kids in Passaic Park NJ. - Email: jacob(at)hedgefundalpha.com. For confidential inquires email me for my Signal ID. Other methods of secure communication are also available. FD: Most of my portfolio is in I mostly purchase broad-based ETFs, mutual funds or individual bonds - I do this for performance reasons and to avoid any potential conflict of interest or occasional receipt of insider information. I will disclose if I have a stake in any company, but in general I have few stocks and I avoid any trading especially around topics I am covering.