Super Investor Howard Marks: Successful and Wise

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Howard Marks의 투자 철학(좋은 자산을 사는 것이 아니라 잘 사는 것, 역발상·가치투자)을 소개하고, 13F 기준 그의 포트폴리오(3B 달러 이상, 50여 종목, 소형주·해외주 중심, 해운·에너지 비중 높음)의 연초 대비 성과를 분석. 포트폴리오는 S&P500(-4.59%) 대비 약 -2.66%로 상대 우위. 상위 보유 종목 TORM, Chesapeake(Expand Energy), Garrett Motion 등을 개별 점검하며 본인도 일부 보유/매수 중임을 밝힘.

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01. this video is going to cover another Super investor by the name of Howard Marx I just listened to two full length interviews of Howard marks I just couldn't get enough he is such a wise investor really down to earth shared just a ton of wisdom I always say that super investors are oftentimes so generous with their wisdom he just pretty much gives it out in interviews as well as his Memoirs Howard Marx currently is engaged with oak tree cap and I wanted to take a look at his portfolio and see how he's doing year to dat for 2025 also go over some of his investing uh strategies and in general I'm already doing some of the things that he really believes in but he made me think about some things that I'm not doing maybe there is an opportunity to learn and uh learn from the great Howard Marx so Howard Marx has been investing for a long time and he um in one of his interviews he talked about how back in the Michael milin days which were the 80s Michael milin was very Innovative with junk bonds and he made a lot of money he got himself into some trouble but what shouldn't be lost is Michael milin was an innovator in financial markets and so was Howard marks in that era so he goes back way back then he's also been complimented by Warren Buffett Warren Buffett thinks Howard marks is a really good investor so it can't get any better than that so I very much enjoyed listening to Howard Marx you can go to his website oak tree capital and you get his Memoirs you can listen to some of his um advice and I think he's very generous for doing that I very much uh got so much out of those two interviews I'll probably listen to more of Howard Marx especially when I'm driving I like to listen to uh podcasts when I'm driving so let's get into Howard Marx a little bit of his strategy his performance and I've loaded up his portfolio that he had has reported on 13f reports and have measured his performance year-to date for 2025 Howard Marx has a lot of famous quotes but probably my favorite one is that investment success doesn't come from buying good things but rather from buying things well which means buying a good investment at a great discount looking for a company that is going to rebound that maybe the market hates but you really see a lot of intrinsic value in that stock I really love the thinking outside the box the contrarian the the ability to really put put an investment out there that you might be the only one that believes in so I really took that one away as my favorite quote among many quotes that he has out there Howard Marx has a portfolio that is above three billion dollars in total asset value and he has some stocks that are new names to me me names like torm PLC he has a big position in and the expression I shared with you where he's trying to find a really good buy into a solid company not necessarily a very popular company or high quality stock but he's really going out there and trying to find those unique businesses that are really going to thrive that one's in Marine shipping 18% of his portfolio Chesapeake Energy he's big into energy and going down I mean there is not one mag s stock in here it's all small stuff International stuff stuff in China Latin America uh really interesting that hey this guy is not afraid of buying small caps he's not afraid of investing in China Latin America so that is incredible there is a couple stocks that I also own tum is a stock that I'm beginning to buy into so that is really cool the other thing is he owns a lot of stocks he owns over 50 stock stocks and this portfolio I didn't load them all but he owns over 50 stocks in his portfolio let me so I've got the portfolio loaded and one uh small disclaimer is there were three stock symbols that I just couldn't get any information on so I'm actually looking at 95% of his portfolio and there's three symbols I just could not find information on so I updated everything else um these really small stocks I'd never heard of we'll take a look at that stock in a bit we'll take take a look at maybe his top five six Holdings we'll go from there not every stock he owns is doing well you know there a lot of red especially on the stocks that are near the top that have the most value of his portfolio and this is all year-to dat looking at the stock prices where they were on uh December 31st 2024 and where the stocks are today so it's not he's not uh in the positive but he's beating the S&P overall he's down 2.66% but the S&P is down 4.59% so he is beating the S&P by about uh 200 basis points or two full percentage points he's he's better than the S&P now let's take a look at some of these companies he owns it's going to be the first time I get to see some of these these stocks um and I'll let you know my impressions of each holding torm PLC is a shipping stock and this stock has really gone up and down over the five years the stock is up 117% keep in mind it pays a huge dividend 31% dividend that's incredible now the stock did work just fabulously as we got out of covid but it's really settled down over the last year it's down about 53% so it's had its better days you know in in the history books year to date it's down 15% so interesting to see that he has this stock and um I wonder when he's going to get out he owns a huge position in this company and I think this is a big part of why he is not in the in the green so far in 2025 this one here certainly had some good years but those are in the past and now we've had a couple really really a rough year if you consider it started to come down in 2024 and it's come down about 54% so this company here if we look at the growth rate it has been growing now shipping stocks boy they're really hard to to gauge I got into Zim last year made some money but I try not to stay too long in shipping stocks I follow in a way Howard marks um I like his expression that I like buying stocks at a very good price and I don't necessarily just dedicate myself to just the top quality stocks Zim's an example I bought it and I expected it to go up once I was up 50% on the stock and it happened over the course of four to six months I got out and that was my plan when I bought the stock so here the revenue growth is okay but um they're probably going to have a lot of free cash flow and here it is 244 um I would say that yeah this company You could argue is a little discounted um but uh shipping stocks just don't get a fair price in the market the market does not like shipping stocks for a long-term hold those stocks tend to be more of the mag sevs or the really high quality Blue Chip stocks so interesting that his biggest position is what would many investors consider a risky shipping stock expand energy is the second biggest position in his portfolio it's a 26 billion doll market cap company again Howard Mark's not afraid to buy into these small caps that's great um revenue is 4.26 billion so investors are paying about six times revenue for the company and the dividend is 2% it's a little discounted according to the analyst this stock is working year-to date energy has been working in 2025 so this one is working for Howard marks both for the year-to DAT and the onee looks really good this company I have never looked at this company but it's interesting that their revenues have been coming down and this isn't that the company's doing something bad it's the commodity the commodity price has gone down for natural gas so it looks like the market is seeing that it's getting better and now now that energy prices are going up this Stock's probably going to go up with the expectation that natural gas prices are going to rise so this is stock number two for Howard Mars Garrett motion is the next stock and it's a tiny cap 1.66 billion and Howard Marx owns quite a bit of this stock he owns almost $400 million of this company so I guess he owns over 20% of the company revenue is 3.48 billion so you're buying the company for a fraction of its Revenue forward p is really low low dividend now the year to date's not doing so well this company is more of a car parts kind of company Automotive is tough especially as we're in 2025 what are tariffs going to do I think this drop is the concern around tariffs so this stock isn't going to work until tariffs get resolved because I'm sure they're importing a lot of their products and uh until that goes away the stock probably won't per perform so interesting that again Howard Marx is not afraid of small caps he's trying to find some Diamonds in the Rough that are really going to reward him so let me highlight some more of his Investments and where he's putting his money to work uh he's putting his money into more oil and gas companies not a bad idea energy is the top performing sector in 2025 a lot of small caps incredible he's in Latin America here's cmax which is the company down in Mexico Starbuck carriers so he's really invested in shipping really interesting and I think that's why he his his performance over the 12 month might be a little low is shipping stocks did really well for a period of time in 2024 but they have really come down in value more recently free Port macaran genius those guys are really appreciating in value because they are a domestic steel producer in the US so he's in materials speaking of which Val is a miner down in Brazil that mines copper iron ore and other materials so very interesting talking about some Chinese stocks there's JD PBR which is down in Brazil the oil company yum in China which is uh I believe Taco Bell U Pizza Hut and uh KFC in China we got um info which is a Indian company that does technology Services pind Doo tum another stock that I own down in Mexico he's got baric gold not a bad decision there that's really been flourishing so he's really into small caps International stocks really going out and trying to find really good Investments doesn't matter that they maybe don't have a big brand I don't see any magnificent stocks I don't see any big stocks he's all purely a small cap investor really impressed I really enjoyed learning more about Howard Marx and I took away a couple of good lessons really like his downto Earth style I really do agree with it's not what you buy it's what you pay and really not focusing too much on top quality and paying a premium as opposed to finding maybe a company that's had a few bad years but is on the path to really improving their business if I buy at a great price and that business does recover I'm going to make a lot of money so I I like that whole approach that Howard brings I also like his portfolio has a lot of shares has more than 50 different stocks in his portfolio he's not afraid to take chances outside the US and on small caps so that was really interesting well I appreciate you watching I'd love to hear what you think of Howard marks let me know in the comments thanks for watching