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The Relationship Between Risk and Return
I define that as the distillation of knowledge and simplifying things down to its essence. I had trouble just figuring out how to communicate that until I did my thing with the little bell-shaped curves. It's very dangerous to think that riskier assets are safe. But if you have to either write them down or create a graph which shows how things work, then I think you're called to a higher standard.
Trey Lockerbie invites the renowned Howard Marks, known for establishing Oaktree Capital with $140B in AUM and earning a reputation as an investing legend for his consistent performance, unconventional investments, and insightful memos. In their discussion, Howard shares his views on various topics, including A.I., Bitcoin, and his prediction that the financial markets are undergoing a significant transformation, which he believes is the third such occurrence in his illustrious 50-year career.
Howard is the author of several books on investing, including "The Most Important Thing" and "Mastering the Market Cycles," which have been widely praised for their insights into the investment process.
IN THIS EPISODE YOU’LL LEARN:
0:00 - Intro.
01:53 - His prediction that the financial markets are entering a Sea Change, the third such event he has seen in his over 50 year career.
02:16 - Why this Sea Change differs from normal market cyclicality.
18:58 - How a more moderate interest rate environment affects global debt and his risk assessments.
36:28 - How studies of Japan influenced his investing philosophies.
48:21 - His thoughts on A.I., Bitcoin, Japan & China.
56:14 - Also included are some of Howard’s personal insights.
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
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