Howard Marks (investor)
| Howard Marks | |
|---|---|
| Born |
April 22, 1946 New York City, U.S. |
| Alma mater |
Wharton School of the University of Pennsylvania (BS) University of Chicago (MBA) |
| Occupation | Co-founder and Co-Chairman of Oaktree Capital Management |
| Net worth |
 $1.89 billion (August 2016) |
| Spouse(s) | Nancy Freeman Marks |
| Children | Andrew Marks (with Nancy) Jane Hait (step-child) |
| Website | OaktreeCapital.com |
Howard Stanley Marks (born April 22, 1946) is an American investor and writer. After working in senior positions at Citibank early in his career, Marks joined TCW in 1985 and created and led the High Yield, Convertible Securities and Distressed Debt groups. In 1995, he left TCW and co-founded Oaktree Capital Management. In the 2015 Forbes rankings of the wealthiest Americans, Marks was ranked the #338 richest person in the United States, with a net worth of $1.95 billion.
He is known in the investment community for his "Oaktree memos" to clients which detail investment strategies and insight into the economy. He has published several books on investing.
Howard Marks was born in 1946 and raised in Queens, New York. Although his family was ethnically Jewish, he was raised as a Christian Scientist. He attended the Wharton School at the University of Pennsylvania for undergraduate studies, where he graduated cum laude in 1967 with a major in finance and a minor in Japanese Studies. At the age of 23, he earned an MBA in Accounting and Marketing from the Booth School of Business at the University of Chicago where he won the George Hay Brown Prize. He moved to New York to start work and in 1980 transitioned to Los Angeles, California. He is a CFA charterholder.
Starting in 1969 and continuing until 1978, Marks worked at Citicorp first as an equity research analyst and then as the company's Director of Research. From 1978 to 1985 he served as a Vice President, as well as a senior portfolio manager overlooking convertible and high yield securities.
In 1985 he joined the TCW Group where he led the groups that were responsible for investments in high yield bonds and convertible securities, and in 1988 he and Bruce Karsh organized one of the first distressed debt funds from a mainstream financial institution. He was also Chief Investment Officer for domestic fixed income, and the President of TCW Asset Management Company. He remained with the company until 1995.
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