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Howard Marks New Interview


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Hugo Scott-Gall: What things in your skill set have served you well?


Howard Marks: While knowing financial analysis and accounting is essential, almost

any smart person can acquire those skills and get a rough idea of the merits of a

company. Superior investors are those who understand both fundamentals and

markets and have a better sense for what a given set of merits is worth today and what

it will be worth in the future. I don't think I became less able to do financial analysis

over time, but I engaged much more in understanding and sensing markets and

values: the “big picture”. A lot of my contribution comes from understanding history and

investor behaviour, from inferring what's going on around me, and from controlling my




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