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The legendary investor shows how to identify and master the cycles that govern the markets. We all know markets rise and fall, but when should you pull out, and when should you stay in? The answer is never black or white, but is best reached through a keen understanding of the reasons behind the rhythm of cycles. Confidence about where we are in a cycle comes when you learn the patterns of ups and downs that influence not just... more...

Howard Marks, the chairman and cofounder of Oaktree Capital Management, is renowned for his insightful assessments of market opportunity and risk. After four decades spent ascending to the top of the investment management profession, he is today sought out by the world's leading value investors, and his client memos brim with insightful commentary and a time-tested, fundamental philosophy. Now for the first time, all readers can benefit from Marks's... more...

During the mid 1980s Howard Marks had 43 aliases, 89 phone lines, and owned 25 companies throughout the world. Whether bars, recording studios, or offshore banks, all were money laundering vehicles serving the core activity: dope dealing. Marks began to deal small amounts of hashish while doing a postgraduate philosophy course at Oxford, but soon he was moving much larger quantities. At the height of his... more...

Howard Marks's The Most Important Thing distilled the investing insight of his celebrated client memos into a single volume and, for the first time, made his time-tested philosophy available to general readers. In this edition, Marks's wisdom is joined by the comments, insights, and counterpoints of four renowned investors and investment educators: Christopher C. Davis (Davis Funds), Joel Greenblatt (Gotham Capital), Paul Johnson... more...


What an extraordinary fellow Howard Marks is. His autobiography takes him from his South Wales childhood and Oxford University education through his life dealing marijuana and the enormous mythology that accrued around what the tabloids called "the English Toff Drugs King of the World". This book is called Mr Nice after one of the many aliases Marks's life as a merchant of pot obliged him to assume, but it describes him perfectly too: the epitome of... more...

The long-awaited and hugely-entertaining sequel to Mr. Nice. During the mid-1980s, Howard Marks had forty-three aliases, eighty-nine phone lines and companies trading throughout the world. At the height of his career he was smuggling consignments of up to fifty tons from Pakistan and Thailand to America and Canada. He was eventually busted and sentenced to twenty-five years in prison at Terre Haute Penitentiary, Indiana for marijuana smuggling. He... more...