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By Zach Kouwe 
The latest memo from Howard Marks, chairman of Oaktree Capital Management, is one of the best pieces I’ve seen from him in a while. With agreement from the University of Pennsylvania, Marks opens the kimono and talks about his stewardship of Penn’s $7 billion endowment from 2000-2010. It’s open and honest and includes some real gems about defensive investing and expectations about performance. 


Here it is:  


Howard Marks Memo on UPenn's Endowment 02-15-12
 


Comments

Tim
03/14/2012 01:09

Very interesting read, especially for someone like me who is not well versed in economics.

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