RWH063: Avoid Disaster w/ Howard Marks
We Study Billionaires - The Investor’s Podcast Network
Lessons from Big Blowups
Howard warns against certainty, leverage, and bold bets, citing Long-Term Capital and Amaranth as cautionary examples.
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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