RWH002: Investing Wisely In An Uncertain World W/ Howard Marks

William Green speaks with Howard Marks, an investing legend and multi-billionaire. Marks is the co-founder and co-Chairman of Oaktree Capital Management, a global investment giant with more than $160 billion in assets. He’s the author of two best-selling books, “The Most Important Thing” and “Mastering the Market Cycle.” His client memos have earned him renown as one of the world’s most insightful thinkers on financial markets and the art of investing. Warren Buffett has said, “When I see memos from Howard Marks in my mail, they’re the first thing I open and read. I always learn something.”

IN THIS EPISODE, YOU’LL LEARN:
0:00:00 – Intro
0:03:22 – How Howard Marks was shaped by his first experience of a stock market bubble and crash.
0:09:43 – Why Howard Marks thinks he got lucky
0:13:44 – Why he came to believe that buying cheap assets is the key to successful investing.
0:14:09 – How Howard Marks’ conversations with his son have led him to modify his investment principles.
0:28:31 – Howard Mark’s Value Memo
0:33:45 – What would Howard Marks do if he is to start over? Given that his views have evolved
0:43:30 – Why Howard Marks regards emotion as the “greatest enemy” of superior investing.
0:52:55 – What is his view of the current investment environment?
0:57:11 – How to invest successfully in a period of high inflation.
1:03:03 – Why Howard Marks now believes that his “knee-jerk skepticism” about Bitcoin was wrong.
1:08:29 – Why Marks is bullish on China at a time when most foreign investors are running scared.
1:16:37 – Why moral values like integrity, candor, and fairness are essential to a good life.
1:25:12 – How to succeed by playing to your own strengths and living life on your own terms.

✔️ Subscribe to Bitcoin Fundamentals/We Study Billionaires podcast show: https://open.spotify.com/episode/2f8FOeGDpnnzJuay4QBKyn

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📖 BOOKS MENTIONED:
– The Most Important Thing Illuminated by Howard Marks – https://amzn.to/3MHer8B
– Mastering The Market Cycle by Howard Marks – https://amzn.to/3t1lHVh
– Richer, Wiser, Happier by William Green – https://amzn.to/3hZf53k

Disclosure: Some of the links above are affiliate links that we may earn commission from. This helps keep our show going! 😁

▶️PAST EPISODES MENTIONED
– 410 TIP. The Changing World Order w/ Ray Dalio – https://youtu.be/bpo1i3epT0A

💡OTHER RESOURCES
– Howard Marks’ Memos – https://www.oaktreecapital.com/insights
– Howard Marks’ “Something of Value” Memo – https://www.oaktreecapital.com/insights/memo/something-of-value

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