Timeless wisdom from Howard Marks

Howard Marks is the co-founder of Oaktree Capital Management, which is the largest investor in distressed securities worldwide. Marks is admired in the investment community for his 'memos', which highlight his investment strategies and insights into the economy and are posted publicly on Oaktree's website. In this investor insight, we share his 2021 talk on value investing at Ben Graham Centre (https://bit.ly/35t9BaL). The value lies in cash generation Can you value a diamond necklace? As per Marks, you can't value it but only price it. He says, "Stocks, bonds, buildings and companies have cash flow-generating capabilities and can be valued intrinsi

This article was originally published on August 31, 2021.