Howard Marks, 77, co-founder of Oaktree Capital Management, a $172 billion investment group, has been diagnosed with curable laryngeal cancer and will undergo surgery followed by radiation.
“I was recently diagnosed with a relatively common form of laryngeal cancer,” Marks wrote in an investor note dated May 3. From 95% he is between 99%. “
Marks founded Oaktree in 1995 with Bruce Kirsch, the Group’s Chief Investment Officer, and three others. It has expanded beyond its bad debt roots and now manages funds across credit, private equity, real assets and public equities.
Marks is the public face of Oaktree, traveling the world speaking to clients and setting the firm’s investment philosophy and macroeconomic positioning.
He has built a reputation as a definite contrarian and a close observer of market psychology, known for his popular investment memos received by some 200,000 people, including Warren Buffett.
“I am confident that Oaktree and its clients will be in the hands of highly qualified colleagues during my absence,” Marks wrote in a note, adding that “we will be fully operational in the middle of summer.” He said he expects
He added: This little bit of “maintenance” is nothing but a natural part of aging. . . we look forward to working with you to engage in this process for many years to come. “
Oaktree has verified the contents of the memo.