Howard Marks (investor)

Marks writes memos to Oaktree's clients rather than shareholder letters, and he has published them openly since 1990. They earn a place for clarity: each takes one idea, such as market cycles, risk or the limits of forecasting, and explains it with examples. His January 2000 memo on the technology bubble was written just before the crash, which is about as good a consistency check as a writer can pass.