The Knowledge Project with Shane Parrish #53 Howard Marks: Luck, Risk and Avoiding Losers
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Mar 5, 2019 
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Crisis Formation
- Financial crises arise from excessive optimism and a suspension of disbelief in markets.
- These excesses, like over-reliance on mortgages, eventually lead to painful corrections.
Investing During Crisis
- During the 2008 financial crisis, Howard Marks and his team at Oaktree Capital invested $10 billion.
- They recognized the opportunity amid widespread panic, acting when others were paralyzed by fear.
Emotional Investing
- Emotions often lead investors to buy high and sell low, driven by fear and greed.
- Overcoming emotional biases is crucial for successful investing.