investment philosophy: everyone on the record — The Minutes https://minutesof.com/on/investment-philosophy/ Everyone on the record about investment philosophy: 18 verbatim quotes from 3 people, December 2012 to July 2026, in one chronology, each with a timestamp… en Mon, 31 Aug 2026 13:18:05 +0000 Gavin Baker: Baker quotes mentor Jennifer Yurig: investors either panic early or double down late, not both. https://minutesof.com/q/bf8611b6-4632-47e7-bd6a-fbcdd7c2c677/ https://minutesof.com/q/bf8611b6-4632-47e7-bd6a-fbcdd7c2c677/ “Ultimately, as an investor, you either have to panic early or double down late. And essentially no one does both. And know thyself.” — Gavin Baker, Generating Alpha Podcast Wed, 08 Jul 2026 15:54:53 +0000 investment philosophy Howard Marks: Marks argues investing in AI is closer to speculating than analytical investing, describing it a https://minutesof.com/q/36e2710e-1a1a-4adf-9405-ce30b616f7e6/ https://minutesof.com/q/36e2710e-1a1a-4adf-9405-ce30b616f7e6/ “You have to accept the likelihood that what you're doing is closer to speculating. And I don't say that word pejoratively than analytical investing.” — Howard Marks, Prof G Markets Fri, 12 Jun 2026 11:00:07 +0000 investment philosophy Howard Marks: Marks identifies the biggest investor mistake as believing something can outperform forever, lea https://minutesof.com/q/7a5c456a-5c5e-4839-875f-cd1fc7e7c69c/ https://minutesof.com/q/7a5c456a-5c5e-4839-875f-cd1fc7e7c69c/ “The the biggest I thought I've spent a lot of time thinking about the biggest mistake that investors make. It is the belief that something can go up more than something else forever.” — Howard Marks, CNBC Television Mon, 20 Apr 2026 17:53:37 +0000 investment philosophy Howard Marks: Marks explains excess returns require buying from sellers making mistakes, which nobody voluntee https://minutesof.com/q/505a53d2-bd69-4f0c-8d4e-1642adfe5394/ https://minutesof.com/q/505a53d2-bd69-4f0c-8d4e-1642adfe5394/ “It requires cooperation for someone who's willing to sell something for less than it's worth. And who volunteers for that job? We want to buy from sellers who are making mistakes.” — Howard Marks, Oaktree Tue, 24 Mar 2026 14:08:16 +0000 investment philosophy Howard Marks: Marks describes Oaktree's core philosophy as taking advantage of the mistakes of others. https://minutesof.com/q/92478979-59e2-425d-9a66-d45549d5b1f3/ https://minutesof.com/q/92478979-59e2-425d-9a66-d45549d5b1f3/ “Bob said, essentially, what we do is take advantage of the mistakes of others. And that caused me to write a memo shortly after entitled, it's all a big mistake.” — Howard Marks, Oaktree Tue, 24 Mar 2026 14:08:16 +0000 investment philosophy Howard Marks: Marks says good investing is not just buying good things but buying things well at the right pri https://minutesof.com/q/fbc7dd35-5644-4c00-a860-47be91c7b7cb/ https://minutesof.com/q/fbc7dd35-5644-4c00-a860-47be91c7b7cb/ “And good investing is not just a function of buying good things, but of buying things well.” — Howard Marks, Pepperdine University Mon, 02 Mar 2026 19:34:48 +0000 investment philosophy Howard Marks: Marks argues good investing is not just buying good things but buying things well at the right p https://minutesof.com/q/8dc27259-e6f9-4a81-aa93-44d0b2d23ec1/ https://minutesof.com/q/8dc27259-e6f9-4a81-aa93-44d0b2d23ec1/ “it's not what you buy, it's what you pay. And good investing is not just a function of buying good things, but of buying things well.” — Howard Marks, Pepperdine University Mon, 02 Mar 2026 19:34:48 +0000 investment philosophy Howard Marks: Marks distinguishes risk control from risk avoidance, emphasizing intelligent risk-bearing is in https://minutesof.com/q/4979756b-0666-4cfe-b53e-646e0b633f1a/ https://minutesof.com/q/4979756b-0666-4cfe-b53e-646e0b633f1a/ “Exposing yourself to the risk of loss is integral in trying to have a good investment return. So, you know, even though our investment philosophy, stresses, risk control, we're not talking about risk avoidance.” — Howard Marks, Brookfield Mon, 23 Feb 2026 18:35:50 +0000 investment philosophy Howard Marks: Marks says Oaktree's founding motto is that avoiding losers lets winners take care of themselves https://minutesof.com/q/94c60cb8-75ca-4918-86de-0bb8b3d2e00f/ https://minutesof.com/q/94c60cb8-75ca-4918-86de-0bb8b3d2e00f/ “And when we started Oaktree in 1995, I wrote that down, and that became our motto and still is. If you can avoid the losers, the winners will take care of themselves.” — Howard Marks, The Investor’s Podcast Sat, 13 Dec 2025 22:45:06 +0000 investment philosophy Howard Marks: And when we started Oaktree in 1995, I wrote that down, and that became our motto and still is. https://minutesof.com/q/4477d528-5825-4fe1-a8ce-d7e7b169e57c/ https://minutesof.com/q/4477d528-5825-4fe1-a8ce-d7e7b169e57c/ “And when we started Oaktree in 1995, I wrote that down, and that became our motto and still is.” — Howard Marks, The Investor’s Podcast Sat, 13 Dec 2025 22:45:06 +0000 investment philosophy Howard Marks: Marks states if you avoid losers in equities, winners will take care of themselves, his core mot https://minutesof.com/q/e48e4272-2357-48e7-bdcf-50b013ce1edc/ https://minutesof.com/q/e48e4272-2357-48e7-bdcf-50b013ce1edc/ “And it happens to say in there, simply put what the pension funds record tells me is that in equities, if you can avoid the losers and losing years, the winners will take care of themselves.” — Howard Marks, The Investor’s Podcast Sat, 13 Dec 2025 22:45:06 +0000 investment philosophy Howard Marks: Marks defines real investment accomplishment as making money with controlled risk, not just retu https://minutesof.com/q/e752c284-194c-4f09-a750-3a358d5dd568/ https://minutesof.com/q/e752c284-194c-4f09-a750-3a358d5dd568/ “To me, the real accomplishment is making money with the risk under control. And that's what thinking about risk, I think, helps you do.” — Howard Marks, David Perell Wed, 21 Feb 2024 13:20:30 +0000 investment philosophy Howard Marks: Marks states that controlling risk while making money is the real investment accomplishment, not https://minutesof.com/q/bea665b1-d8e7-481f-a176-a227f42abb47/ https://minutesof.com/q/bea665b1-d8e7-481f-a176-a227f42abb47/ “To me, the real accomplishment is making money with the risk under control. And that's what thinking about risk, I think, helps you do. So, you know, Bernstein's, writing is very important.” — Howard Marks, David Perell Wed, 21 Feb 2024 13:20:30 +0000 investment philosophy Howard Marks: Marks argues risk cannot be quantified even after the fact, using a doubling investment as examp https://minutesof.com/q/4fc59d63-45d3-471c-a521-83ca67ea5581/ https://minutesof.com/q/4fc59d63-45d3-471c-a521-83ca67ea5581/ “Or was it a really clever thing that nobody else had figured out where you were sure to double your money? And the answer is you can't tell.” — Howard Marks, Goldman Sachs Thu, 30 Jun 2022 15:18:25 +0000 investment philosophy Howard Marks: Was he was in every year for fourteen years in a row. He was between the twenty seventh and the https://minutesof.com/q/67230531-fa26-42c6-a5c4-2190fce4fa41/ https://minutesof.com/q/67230531-fa26-42c6-a5c4-2190fce4fa41/ “Was he was in every year for fourteen years in a row. He was between the twenty seventh and the forty seventh percentile measuring from the top.” — Howard Marks, Goldman Sachs Thu, 30 Jun 2022 15:18:25 +0000 investment philosophy Howard Marks: Marks states that price, not asset quality, determines risk, and good investing means buying thi https://minutesof.com/q/9449ee4b-f489-460f-b446-6101f3ad06de/ https://minutesof.com/q/9449ee4b-f489-460f-b446-6101f3ad06de/ “B, that good investing is not a matter of buying good things, but buying things well. And the difference is not only grammatical.” — Howard Marks, Wharton School Mon, 02 May 2022 13:42:01 +0000 investment philosophy Howard Marks: Marks argues good investing is not buying good things but buying things well. https://minutesof.com/q/0304bdfe-e91a-4009-bc31-5761b6510206/ https://minutesof.com/q/0304bdfe-e91a-4009-bc31-5761b6510206/ “And there's a really important lesson in that, that good investing is not a matter of buying good things, but buying things well.” — Howard Marks, Milken Institute Mon, 14 Jan 2019 19:09:05 +0000 investment philosophy Bill Gurley: Gurley explains Benchmark uses the phrase long term greedy and is not judged on IRR. https://minutesof.com/q/43f6b647-4d63-4553-8b60-0e08e4d161b7/ https://minutesof.com/q/43f6b647-4d63-4553-8b60-0e08e4d161b7/ “We have a phrase that not all the partners like to use, say we're long term greedy. You know, we're luckily in a business where we're not judged on IRR per se.” — Bill Gurley, GigaOm Tue, 11 Dec 2012 17:49:11 +0000 investment philosophy