13 Investing Books Recommended by Howard Marks (2026)
If investing books recommended howard is on your radar, this short guide cuts through the noise. Here is what is worth knowing, and how to put it to work today.
Key Takeaways
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- Howard Marks is one of America’s most successful investors, with a net worth of more than $2.2 billion according to Forbes.
Howard Marks is one of America’s most successful investors, with a net worth of more than $2.2 billion according to Forbes.
As founder of Oaktree Capital Management, Marks specializes in high-yield bonds, distressed debt, and other credit investments that most traditional investors avoid.
We’ve scoured his past interviews, shareholder letters and more to compile what we believe is the most complete list of Howard Marks book recommendations on the web.
If you know of one we missed, be sure to leave a comment below so that we can add it to this article.
Table of Contents
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When Marks speaks, the investment world listens. Warren Buffett says Marks’ famous shareholder memos are the first thing he opens when he sees one in his mailbox, and numerous investors happily follow suit.
Marks is a prolific reader and his lists of favorite books and newsletters are frequently distributed to Oaktree clients and prospective investors.
Here are his favorite books, along with links to the interviews and memos where he recommended them.
If you’re looking to go even deeper, you may also enjoy our guide to the Best Investing Books of All Time which includes several of Marks’ favorites plus other timeless classics.
1. Decisions Under Uncertainty
Author: C. Jackson Grayson, Jr.First published: 1963
Decisions Under Uncertainty was the first book Marks ever read as a freshman at Wharton, and he credits it with shaping his entire framework for decision-making under uncertainty.
In his 2020 Oaktree memo You Bet!, Marks described the book as “the first critical building block in my understanding of how the world works.” He said it taught him the lifelong lesson that you cannot judge a decision solely by its outcome, because randomness and missing information play such large roles in results.
2. The Loser’s Game
Author: Charles D. EllisFirst published: 1975
The Loser’s Game is an essay written by Charles Ellis (the founder of Greenwich Associates) that was published in the August 1975 issue of The Financial Analyst’s Journal.
In the essay, Ellis compares investing to a game of tennis, arguing that unlike in football or basketball , where the goal is to dominate your opponent and impose your will , successful investing (like tennis) is about limiting your mistakes while taking advantage of your opponents’ errors.
In 1998, Ellis published the book Winning the Loser’s Game: Timeless Strategies for Successful Investing, which expands on numerous of the ideas introduced in the essay.
It was in 2005 that Marks referenced Ellis’ work in a talk to the Journal of Investment Consulting’s editorial advisory board, where he said:
My philosophy of investing was built primarily on experiences but also on things I read: John Kenneth Galbraith’s ideas about cycles, the importance of contrarianism and being a countercyclical, and the importance of not being a forecaster, and Charlie Ellis’s article on “The Loser’s Game” , the desirability of just keeping the ball in play rather than trying to hit home runs. Concepts like these were very key to me.
3. A Short History of Financial Euphoria
Author: John Kenneth GalbraithFirst published: 1990
Financial bubbles are as old as investing itself.
In his 1990 book titled A Short History of Financial Euphoria, Canadian economist John Kenneth Galbraith discusses numerous of these world’s most famous financial bubbles, from the Tulip Mania of the 1630s to the South Sea Bubble of the 1720s to the US housing bubble in the 2000s.
History may not repeat, but Galbraith argues it does whistle a familiar tune as financial bubbles all share a some common characteristics.
The book was written in French and originally titled Brève histoire de l’euphorie financière.
Marks discussed his thoughts about the book in an appearance on Barry Ritholtz’s Masters in Business Podcast, as well as in a more recent appearance on the Tim Ferriss Show, where he saiFinal Thoughts
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R.J. Weiss
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