At Oaktree, you recruited a lot of people over a thousand employees. So you had to make judgment about other people's judgment. How did you do that? You know, back when I was an analyst in the early 70s, I followed Xerox. We look for what Nancy, my wife, calls smart eyes. Exceptional people who get things maybe a little better than others. And we don't pay people on the basis of their quantitative performance as an individual.
We sit down with legendary investor Howard Marks of Oaktree Capital and his son Andrew who, while less-well-known, is also an incredibly accomplished investor in a very different arena: early-stage VC. The purpose of the conversation was to discuss their joint work together on Howard’s all-time most popular memo, “Something of Value”, which made the then-shocking argument that Value and Growth investing are not diametric opposites but rather two sides of the same investing coin. We of course dive deep into that, and also cover plenty of fun Oaktree and investing history, as well as Andrew’s favorite topic: selling (or not selling, as the case may be). This is not one to miss!
If you want more Acquired, you can follow our public LP Show feed here in the podcast player of your choice (including Spotify!).
Links:
Sponsors:
Statsig: https://bit.ly/acquiredstatsig24
Vanta: https://bit.ly/acquiredvanta
Crusoe: https://bit.ly/acquiredcrusoe
Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.