We Study Billionaires - The Investor’s Podcast Network

RWH063: Avoid Disaster w/ Howard Marks

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In this episode, William Green chats with multibillionaire investor Howard Marks, the co-founder & co-Chairman of Oaktree Capital Management. Since its launch 30 years ago, the firm has grown into a global powerhouse in alternative investments, with $218 billion in assets.


IN THIS EPISODE YOU’LL LEARN:

00:00:00 - Intro

00:04:01 - Why Howard Marks aims for “steady excellence,” not shooting the lights out.
00:05:59 - What investors should learn from great (& not-so-great) tennis players.
00:13:13 - How to figure out the right “risk posture” for your investment portfolio.
00:20:12 - How he managed to pull off 5 major market calls in the course of his career.
00:33:24 - What makes Bruce Karsh, his long-time partner, a superb investor.
00:36:52 - How specialization can give you a powerful edge.
00:57:53 - How today’s investment environment resembles the dotcom bubble.
00:54:21 - Why Howard expects most AI companies to “end up worthless.”
00:58:55 - Why he’s deeply wary of investing in Bitcoin & gold.
01:10:46 - Why bonds now strike him as a relatively attractive investment.
01:20:05 - How he reached the pinnacle without sacrificing family, friends or hobbies.


Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.


BOOKS AND RESOURCES

  • Join the exclusive ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.
  • Inquire about William Green’s ⁠⁠⁠Richer, Wiser, Happier Masterclass⁠⁠⁠.
  • The Complete Collection of Howard Marks’ Memos.
  • Howard Marks’ book The Most Important Thing Illuminated.
  • Howard Marks’ book Mastering the Market Cycle.
  • Charlie Ellis's book Winning the Loser’s Game.
  • David Swensen's Pioneering Portfolio Management.
  • Edward Chancellor's Devil Take the Hindmost.
  • William Green’s book, “Richer, Wiser, Happier” – ⁠⁠⁠⁠⁠⁠read the reviews of this book⁠⁠⁠⁠⁠⁠.
  • Follow William Green on ⁠⁠⁠⁠⁠⁠⁠⁠X⁠⁠⁠⁠⁠⁠⁠⁠.
  • Related ⁠⁠⁠⁠⁠⁠books⁠⁠⁠⁠⁠⁠ mentioned in the podcast.
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        We Study Billionaires - The Investor’s Podcast NetworkBy The Investor's Podcast Network
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