RWH063: Avoid Disaster w/ Howard Marks
We Study Billionaires - The Investor’s Podcast Network
Institutional Idiosyncrasy and Avoiding Bureaucracy
Howard describes resisting bureaucracy at Oaktree to allow idiosyncratic, concentrated bets and rapid crisis investing.
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.
- Ad-free episodes on our Premium Feed.
NEW TO THE SHOW?
- Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter.
- Check out our We Study Billionaires Starter Packs.
- Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok.
- Browse through all our episodes (complete with transcripts) here.
- Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
- Enjoy exclusive perks from our favorite Apps and Services.
- Learn how to better start, manage, and grow your business with the best business podcasts.
SPONSORS Support our free podcast by supporting our sponsors:
- Simple Mining
- Human Rights Foundation
- Unchained
- HardBlock
- Linkedin Talent Solutions
- Public.com - see the full disclaimer here.
- Amazon Ads
- Alexa+
- Shopify
- Vanta
- Onramp
- Abundant Mines
- Horizon
Learn more about your ad choices. Visit megaphone.fm/adchoices
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
The AI-powered Podcast Player
