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Billionaire Howard Marks’ 10 Stock Picks with Huge Upside Potential

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In this article, we discuss the Billionaire Howard Marks’ 10 Stock Picks with Huge Upside Potential.

Howard Marks, the billionaire chief of Oaktree Capital Management, recently appeared on news platform CNBC to outline a measured perspective on the current state of private credit, market valuations, and the dominance of tech giants. In the interview, Marks argued that the recent turmoil and gating, a term used to describe restricting withdrawals in private credit funds, was not an indictment of the asset class itself, but rather a sign of poor execution and investor misunderstanding. He compared investors who were shocked by a lack of daily liquidity to the shocked gambler in popular motion picture Casablanca. Marks underlined that the product was not broken but was simply sold to the wrong people who did not understand that private assets were not meant to be traded like stocks. Marks also discussed the challenges of valuations. He highlighted the inherent difficulty in valuing private assets because there was no public market to act as a reference point.

READ MORE: David Einhorn Stock Portfolio: Top 10 Stock Picks.

He defined a fair mark as what an intelligent, unemotional buyer would pay for a stake today, but acknowledged that current marks were often by definition wrong because they could not account for the psychological shifts of a public market. When asked about the broader market, Marks remained cautious. He stated that this was not a market that was on sale, noting that optimists had been in control for 43 months. Despite the concentration in AI and the Magnificent Seven, Marks said he did not believe they were in a bubble. He pointed out that their P/E ratios were much more reasonable than the Nifty Fifty era of the late 1960s. He also argued that the top tech companies today were qualitatively superior to the market leaders of previous generations, justifying their current valuations.

READ MORE: Mario Gabelli Stock Portfolio: Top 10 Stock Picks.

Our Methodology

For this article, we selected stocks by combing through the 13F portfolio of Oaktree Capital Management at the end of the fourth quarter of 2025. The top 50 stocks were ranked based on their analyst upside potential and the top 10 from this list were filtered out. Data for the hedge fund sentiment surrounding each stock was taken from Insider Monkey’s Q4 2025 database of 1041 elite hedge funds.

Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 498.7% since May 2014, beating its benchmark by 303 percentage points (see more details here).

Howard Marks of Oaktree Capital Management

Billionaire Howard Marks’ Stock Picks with Huge Upside Potential

10. Nokia Oyj (NYSE:NOK)

Oaktree Capital Management’s Stake: $121 Million

Analyst Upside Potential: 19%

Oaktree Capital Management first disclosed a stake in Nokia Oyj (NYSE:NOK) in the first quarter of 2025. This position comprised over 18.7 million shares. Filings for the fourth quarter of 2025 show that the fund owns the same amount of shares as the first quarter of 2025. The company provides mobile, fixed, and cloud network solutions in North and Latin America, Greater China, India, Asia Pacific, Europe, the Middle East, and Africa. The firm has transformed from a legacy telecom play into a high-conviction AI infrastructure stock, causing a significant spike in hedge fund accumulation.

Nokia Oyj (NYSE:NOK) added €1 billion in new AI-related orders in Q1 2026 alone, building on the €2.4 billion secured in 2025. AI and Cloud segments now represent 8% of total sales, double from 4% a year ago. Following this earnings beat, the stock surged toward a 16-year high, crossing the $10.40 mark. Analysts from Raymond James hiked their price target to $12, citing the next phase of growth in AI switching and routing. Elite investors are betting on Nokia’s first-mover advantage in the AI-RAN (Radio Access Network) era. In early 2026, the firm solidified a partnership with NVIDIA to build hybrid AI infrastructure. While 5G is maturing, Nokia is already securing early-stage 6G design wins in Europe and Asia-Pacific.

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The $250 Trillion AI Hype is Real. A few years from now, you’ll probably wish you’d bought this stock.

Dr. Inan Dogan

Dr. Ian Dogan

Co-Founder and Research Director at Insider Monkey

When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard.

Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences.

At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000.

Do the math. According to Musk, this technology could be worth $250 trillion by 2040.

Put another way, that’s roughly equal to:

  • 175 Teslas
  • 107 Amazons
  • 140 Metas
  • 84 Googles
  • 65 Microsofts
  • And 55 Nvidias

And here’s the wild part — this $250 trillion wave isn’t tied to one company, but to an entire ecosystem of AI innovators set to reshape the global economy.

It’s a leap so massive, it could reshape how businesses, governments, and consumers operate worldwide.

Even if that $250 trillion figure sounds ambitious, major firms like PwC and McKinsey still see AI unlocking multi-trillion-dollar potential.

How could anything be worth that much?

The answer lies in a breakthrough so powerful it’s redefining how humanity works, learns, and creates.

And this breakthrough has already set off a frenzy among hedge funds and Wall Street’s top investors.

What most investors don’t realize is that one under-owned company holds the key to this $250 trillion revolution.

In fact, Verge argues this company’s supercheap AI technology should concern rivals.

Before I reveal the details, let’s talk about how some of the richest people on the planet are positioning themselves.

  • Bill Gates sees artificial intelligence as the “biggest technological advance in my lifetime,” more transformative than the internet or personal computer, capable of improving healthcare, education, and addressing climate change.
  • Larry Ellison — through Oracle, is spending billions on Nvidia chips and partnering with Cohere to embed generative AI across Oracle’s cloud and apps.
  • Warren Buffett — not known for tech hype — says this breakthrough could have a ‘hugely beneficial social impact.

When billionaires from Silicon Valley to Wall Street line up behind the same idea — you know it’s worth paying attention to.

Even as we admire what Tesla, Nvidia, Alphabet, and Microsoft have built, we believe an even greater opportunity lies elsewhere…

But the real story isn’t Nvidia — it’s a much smaller company quietly improving the critical technology that makes this entire revolution possible.

And judging by what I’m hearing from both Silicon Valley insiders and Wall Street veterans…

This prediction might not be bold at all:

A few years from now, you’ll wish you’d owned this stock.

The best part? You can discover everything about this company and its groundbreaking technology right now.

I’ve compiled everything you need to know about this groundbreaking company in a detailed, members-only report.

Trust me — you’ll want to read this report before putting another dollar into any tech stock.

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Wall Street calls this $3 stock a “Melting Ice Cube.” They said the same thing about BTI before it returned 90%.

Dr. Inan Dogan

Dr. Ian Dogan

Co-Founder and Research Director at Insider Monkey

My name is Inan Dogan. I’m the co-founder and Research Director of Insider Monkey. I have an important message for you today.

Since March 2017, my stock picks have returned 16.5% annually. Today, I’ve found an opportunity even bigger than my British American Tobacco call.

Two years ago, Wall Street wrote off British American Tobacco (BTI) as a “melting ice cube.” The stock had crashed 40% from its peak, and consensus said the business was dying.

We looked under the cover and realized they were wrong.

We alerted our subscribers, and BTI returned 90% in just 16 months.

Now if you had invested just $10,000 in BTI in June 2024, you’d be sitting on $19,000 in October 2025.

Today, we have identified a nearly identical pattern in a digital-first giant trading at $3.

While the market panics over a surface-level revenue decline, our PhD-led research shows management has actually surgically cut $100 million in waste to focus on high-margin growth.

This pattern is a hallmark of our 16.5% annual return track record. The current opportunity offers a 400% upside potential—dwarfing even our 90% BTI return.

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2. Enjoy a month of ad-free browsing, exclusive access to our in-depth report on the Trump tariff and nuclear energy company as well as the revolutionary AI-robotics company, and the upcoming issues of our Premium Readership Newsletter.

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Don’t miss out on this incredible opportunity! Subscribe now and take control of your AI investment future!

Regular price $9.99/mo. Cancel anytime.