#338: Howard Marks — How to Invest with Clear Thinking
The Tim Ferriss Show
Getting the Odds on Your Side
I wrote a book called the most important thing, which has 21 chapters. Each one starts off the title and then it's a different thing. One of those most important things is knowing where we stand in the cycle. And as i say, i don't believe in forecasts. I always say, we never know where we're going, but we'r sure as hell ought to know where we are.
Howard Marks (@howardmarksbook) is co-chairman and co-founder of Oaktree Capital Management, a leading investment firm with more than $120 billion in assets. He is the author of the new book Mastering the Market Cycle: Getting the Odds on Your Side, and his previous book on investing, The Most Important Thing: Uncommon Sense for the Thoughtful Investor, was a critically acclaimed bestseller. Warren Buffett has written of Howard Marks: "When I see memos from Howard Marks in my mail, they're the first thing I open and read. I always learn something." Marks holds a B.S.Ec. degree from the Wharton School of the University of Pennsylvania with a major in finance and an M.B.A. in accounting and marketing from the University of Chicago.
In this conversation, we discuss:
- How his firm was poised to capitalize on the bubble in 2008 and put massive amounts of capital to work.
- His thoughts on understanding market cycles for making better decisions.
- The three stages of a bull market.
- Newsletters he reads.
- Thoughts on Bitcoin and cryptocurrencies.
- Much, much more...
Studying what Howard says transcends the world of investing—it's really a study in clearer thinking. I hope you enjoy and learn as much as I did!
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