Friday, February 17, 2012

Howard Marks on Managing Penn's Endowment

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.