Updates

  1. Person pages list letters, writing, profiles and links as sortable tables with filters, and show each person's companies as links; Fund letters show each letter's description in its own column.
  2. Experts show a checked job title and a short description of each person; 30 more people have photographs.
  3. Every company, fund, university and publication the experts work for has a page listing the people there.
  4. Fund letters show each letter's thesis and filter by it; 225 person pages list the essays, columns and newsletter issues the person wrote.
  5. Person pages list every essay and newsletter issue a person wrote, and their own books as a table in List view.
  6. Recommends shows the five largest kinds of book and the rest under More; browse pictures load sooner.
  7. Podcasts and talks link the original episode, filter by Audio and video or Press, and list each publisher once.
  8. Pages are wider, Recommends has List and Grid, and a filter clicked again turns off.
  9. Book cards sit in a ruled grid with Open Library and Goodreads links and each book's one-line note.
  10. Funds is now Investors; each investor's styles are buttons that filter the table.
  11. Podcasts and talks on a person's page filter by year and publisher and show as a list or a grid of pictures.
  12. Quotes show only people's own words: 472 summaries written by list sites are gone.
  13. Country pages open from Browse again, and every link on the shelf lands on a page.
  14. Subject and person pages show their sections as tabs, and each book appears once on a person's page.
  15. Book cards show the quote, who said it and the source; grids show five cards to a row.
  16. On a phone, a menu holds the sections, search, Updates, Feedback and dark mode.
  17. Feedback takes a screenshot of the page with no browser prompt, opens a screenshot full size when you click it, and clears itself once sent.
  18. Book cards are centred, search names the topic each book sits in, and any text cut short shows whole on hover.
  19. Search groups its results by kind: people, companies, geographies, subjects, topics, books, funds, fund letters and papers.
  20. The Books table lists who recommended each book by name, and the browser tab names the section you are in.
  21. Feedback can take a screenshot of the page, or one you paste or choose, and opens in the corner beside Updates.
  22. Each rail button reopens its section where you left it, and Browse, Table and People show on every book and subject page.
  23. Filters grey out choices that hold nothing instead of hiding them, and Books › People filters by authors or recommenders.
  24. Feedback takes a subject line and up to three screenshots.
  25. Biographies are grouped by the person they are about: 41 new pages, from Abraham Lincoln to Lee Kuan Yew.
  26. Sport splits into 23 sports, and Religion into one topic per faith.
  27. Book lists show as cards: the cover, one recommendation quote and every recommender by name.
  28. Seventeen subjects that had two or three pages under different names now have one page each.
  29. Every page lists its Experts as authors and recommenders, with a link to them on the Experts tab.
  30. Economics, Financial history, Financial panics and Accounting are subjects of their own, with one page per financial crisis.
  31. Book, person and subject pages open inside the app, so the tabs stay in view.
  32. 996 more book covers, and photographs or logos for 227 more people and companies.
  33. Books › Browse shows every subject as cards, and the rail holds Fund letters, Papers, Experts, Books and Funds.
  34. Every topic over 150 books splits into narrower topics, each with a page of its own.

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Howard Marks

T1InvestorsDistressed debt, activism and special situations

His firm, Oaktree, is the world's largest investor in distressed securities; Forbes put his net worth at $2.2 billion in 2022.

Oaktree Capital Management

Howard Marks Memos

His client memos, written continuously since 1990, are a primary source on risk, cycles and market psychology that other investors quote directly.

3 books of their own · 167 letters · 3 articles · 21 books they recommend · 43 appearances

Books 3Recommends 21Letters 167Writing 3Appearances 43Profiles 1Links 3

Start here

  1. The Most Important Thing: Uncommon Sense for the Thoughtful Investor2011
  2. The Most Important Thing Illuminated2012
  3. Mastering the Market Cycle: Getting the Odds on Your Side2018
The Most Important Thing: Uncommon Sense forThe Most Important Thing: Uncommon Sense for the Thoughtful Investor
T1 The Most Important Thing: Uncommon Sense for the Thoughtful Investor
Howard Marks · 2011
Open LibraryGoodreads

Second-level thinking, risk and market cycles, drawn from Oaktree's client memos.

Recommended by: Matt Mullenweg, Mohnish Pabrai, Nat Eliason and 3 others

The Most Important Thing IlluminatedThe Most Important Thing Illuminated
T1 The Most Important Thing Illuminated
Howard Marks · 2012
Open LibraryGoodreads

Second-level thinking on risk and cycles, with notes by Klarman and Greenblatt.

“…books I've recommended, highlighted to death, or forced on friends.” — Andrew Wilkinson

Source: Andrew Wilkinson's Bookshelf, neverenough.com

Recommended by: Andrew Wilkinson, Mohnish Pabrai and 3 others

Mastering the Market Cycle: Getting the OddsMastering the Market Cycle: Getting the Odds on Your Side
T2 Mastering the Market Cycle: Getting the Odds on Your Side
Howard Marks · 2018
Open LibraryGoodreads

Cycles can't be timed, but knowing where you stand in one lets you adjust risk.

Recommended by: Nat Eliason, Michael Bloomberg

The Most Important Thing: Uncommon Sense for the Thoughtful InvestorSecond-level thinking, risk and market cycles, drawn from Oaktree's client memos.2011T1Matt Mullenweg, Mohnish Pabrai, Nat Eliason and 3 others
The Most Important Thing IlluminatedSecond-level thinking on risk and cycles, with notes by Klarman and Greenblatt.2012T1Andrew Wilkinson, Mohnish Pabrai, Nat Eliason and 2 others
Mastering the Market Cycle: Getting the Odds on Your SideCycles can't be timed, but knowing where you stand in one lets you adjust risk.2018T2Nat Eliason, Michael Bloomberg

Tags

oaktree-capital-managementtrust-company-of-the-westcitibankcreditdistressed-debthigh-yield-bondsequitiesvalue-investingmarket-cyclesrisk-managementsecond-level-thinkingcontrarian-investing