Alec Hogg: The conversion of Value guru Howard Marks

I invested a couple of productive hours yesterday studying (notes below) a recent Memo To Clients penned by Oaktree founder Howard Marks (above) – a billionaire investment guru with a fan base rivalling Ray Dalio's (and not far off Warren Buffett's). What appeals about Marks is his consistency and humility, qualities clearly evident in this highly readable 18-page Memo..Read also: Alec Hogg: Why we're adding Purple Group to BizNews portfolio.Marks, a long-time Value Investor, has adjusted his approach after spending 10 months living with his son Andrew, a fellow investment professional but one who champions Growth. Andrew's family moved in during lockdown, ensuring many discussions on their shared craft. We read that it is the storied Value investor whose views have adjusted..There's enough meat in Marks's Memo to rival a Brazilian restaurant. Among the juicy bits is support of the over-riding philosophy of our BizNews portfolio whose average holding period is forever. To wit: "When you're talking about today's great growth companies the approach to buy in cheap, set a target price, sell as it rises and exit when it reaches the target is dead wrong.".___STEADY_PAYWALL___.Read also: Alec Hogg: Covid's made the rich even richer, including in SA.The 75-year-old quotes one of his own heroes, Sir John Templeton, who warned that those who claim "it's different this time" were right only 20% of the time. But added: "Given the rising impact of technology in the 21st Century, I'd bet that percentage is a lot higher today." It's never too late to learn – provided you retain humility and keep an open mind..For your listening and viewing pleasure.Latest audio on BizNews Radio: (click on the link to access).BPH – Steven Nathan co-host; Emile Du Toit; Gerrie Fourie; Steve Brookes; Rupert FinnemoreWill John Hlophe, Zuma-friendly judge, get away with YET ANOTHER dodgy move?FB: Zuma ordered to pay legal fees in corruption case; SA's uneducated civil servants; J&JMagda Wierzycka on being tapped and harassed; and her view that SA has herd immunityExplosive growth for Capitec, with more to come as it shakes up business banking – CEO Gerrie FourieThrowback Tuesday: Let's look at this day in 2020 – Prof. Whiteside on SA's very low Covid-19 ratesTaking a stand against citizen abuse, one pothole at a timeKokkie Kooyman weighs in on Absa's decision to close money market fundCannon Asset Managers founder Adrian Saville joining Genera Capital.Latest videos on BizNews TV… (subscribe on YouTube and daily at 5:30pm get to see all the studio action of BizNews Power Hour).Watch the sausage being made: In-studio recording of last night's BizNews Power Hour.Police close in on minister for spying on SA captains of industry; Road Accident Fund in crisisHerman Mashaba's "True State of the Nation address at BN Conference

Alec Hogg: The conversion of Value guru Howard Marks

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