Quote · My First Million
Howard Marks: how I make money while you worry about a market crash
Where this was said
Having Lunch with Warren Buffett
At 34:23 · chapter starts 34:17
Sam Parr asks for Warren Buffett stories, and Marks tells one that has never been made public before. After the Enron scandal, Oaktree became the largest holder of the debt of an off-balance-sheet Enron entity called Osprey; Buffett was the second largest. Buffett gave Oaktree his proxy, Bruce Karsh restructured the position masterfully, and in 2003–2004 Buffett wrote a note saying if you're ever in Omaha, let's have lunch. Marks and Karsh promptly wrote back claiming to be in Omaha that week. The relationship grew from there, and in 2009 Marks sent Buffett a memo mentioning him — Buffett responded to say he already read the memos, and then added: 'you should write a book, and if you do, I'll give you a blurb.' That single note is the reason 'The Most Important Thing' exists. [1] — Howard Marks "After Marks sent Buffett a memo that mentioned him, Buffett replied saying he should write a book and offered to provide a blurb. That sing…" 36:35 Marks had always planned to write a book in retirement; Buffett's note moved the timeline up by decades.
After Marks sent Buffett a memo that mentioned him, Buffett replied saying he should write a book and offered to provide a blurb. That single note moved up Marks' planned book by decades — and 'The Most Important Thing' was the result.
Warren Buffett sent Howard Marks a note in 2009 saying he should write a book and promised a blurb — directly causing Marks to write 'The Most Important Thing' years ahead of his planned retirement.
