Defining Risk Beyond Volatility

In this conversation, Howard Marks shares his insights on investment strategies, the nature of risk, and the impact of market cycles. He discusses the origin of his company, Oak Tree, and elaborates on the concept of risk, emphasizing that it is subjective and tied to the possibility of undesirable outcomes. Marks also explores the upside of bubbles in technology, the implications of Brexit on the UK economy, and the current state of private credit. He provides advice on portfolio structuring, the importance of incentives in organizations, and personal reflections on success and happiness.

Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/join-now/ 

About MicroCapClub 

MicroCapClub is an exclusive forum for experienced microcap investors focused on microcap companies (sub $1B market cap) trading on United States, Canadian, European, and Australian markets. MicroCapClub was created to be a platform for experienced microcap investors to share and discuss stock ideas. Since 2011, our members have profiled 1500+ microcap companies. Investors can join our community by applying to become a member or subscribing to gain instant view-only access. MicroCapClub’s mission is to foster the highest quality microcap investor Community, produce Educational content for investors, and promote better Leadership in the microcap arena. For more information: https://microcapclub.com

✉️ Share your feedback - david@microcapclub.com

✉️ David’s X (Twitter) - https://x.com/Valuehunte 

Chapters

00:00 The Origin of Oak Tree Capital

03:19 Understanding Risk

07:23 The Upside of Bubbles

11:29 Market Dynamics and the S&P 500

14:25 Microcap Stocks and Market Cycles

19:23 The Impact of Brexit on the UK Economy

22:50 Risks in Private Credit

25:41 Catching Falling Knives in Investing

31:35 Navigating Financial Crises

34:44 Investment Philosophy and Risk Management

39:03 Asset Allocation Strategies

41:49 Personal Insights and Success Factors

46:01 Quality of Life and Enjoyment

49:50 Building Effective Organizations

54:41 Reflections on Happiness and Legacy

Disclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.