RWH063: Avoid Disaster w/ Howard Marks
We Study Billionaires - The Investor’s Podcast Network
Mental Models and Charlie Munger's Influence
Howard discusses Charlie Munger's lattice of mental models and the value of process, pattern recognition, and harnessed brilliance.
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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