Episode #48 Howard Marks – The Most Important Thing

Howard Marks (@howardmarksbook) is co-chairman and co-founder of Oaktree Capital Management (@oaktree) a leading global investment firm with deep expertise in credit strategies, which manages more than $120 billion in assets. Howard is the bestselling author of the two highly influential books: Mastering the Market Cycle: Getting the Odds on Your Side and The Most Important Thing: Uncommon Sense for the Thoughtful Investor. He is also known for his very insightful investor letters, which has been claimed to be must-read material by many well-known investors, including none other than Warren Buffett. Howard holds a B.S.Ec. degree from the Wharton School of the University of Pennsylvania with a major in finance and an M.B.A. in accounting and marketing from the University of Chicago.

“Experience is what you got, when you didn’t get what you wanted”Howard Marks

In our conversation we discuss:

  • How Oaktree experienced raising and deploying capital during the GFC of 2008
  • The difference between scepticism and negativism
  • The similarities between investing and tennis
  • The rise of passive investing
  • The importance of being a contrarian
  • The mood swings of market participants and how that affects one’s own investment decision
  • Why he writes and what has kept him motivated to write even though his letters once were not as popular as they are today
  • And much more!

“When I see memos from Howard Marks in my mail, they’re the first thing I open and read” Warren Buffett

“Howard is a legendary investor” Tony Robbins

As always, please do not forget to take 17 seconds to leave us a 5-star review on Apple Podcasts or wherever you get your podcasts from.

Be well and #stayhome!

Luke, Leo & Andy

P.s. The content of this conversation is provided for general information purposes only and does not constitute financial, accounting, legal, tax…. advice. You know the drill, right? If you want to listen to the full disclaimer, just skip through the amazing conversation with Howard, and go straight to the end of the episode and you will be highly entertained.