Howard Marks Discusses "Mr. Market"

Letter to Investors

Founders Only:

• Memo to: Oaktree Clients

• From: Howard Marks

• Re: Mr. Market Miscalculates

[Graphics in PDF. Words extracted for listening software convenience]

Start:

In his book The Intelligent Investor, first published in 1949, Benjamin Graham, who was Warren Buffett’s teacher at Columbia Business School, introduced a fellow he called Mr. Market: