The Memo by Howard Marks

Bonus Episode: Howard Marks on “In Good Company”

161 snips
Jun 18, 2024
Oaktree Co-Chairman Howard Marks joins the podcast to discuss his investment philosophy, risk management, and decision-making quality. They explore key investing principles, market dynamics, sound risk management, and lessons from card games for investing. Marks emphasizes patience, wisdom, and understanding market cycles in decision-making, highlighting the importance of risk control for achieving investment goals.
Ask episode
AI Snips
Chapters
Transcript
Episode notes
ADVICE

Investment Philosophy

  • Prioritize risk control and aim for consistent returns, slightly above average.
  • Specialize deeply in a few areas, rather than being a generalist.
INSIGHT

Limits of Knowledge

  • Randomness and luck heavily influence markets, making them unpredictable.
  • People's feelings and actions drive markets, not physical laws, adding to the unpredictability.
INSIGHT

Judging Decisions

  • Evaluate decisions based on their underlying logic, not just outcomes.
  • Randomness can cause good decisions to fail and bad decisions to succeed in the short term.
Get the Snipd Podcast app to discover more snips from this episode
Get the app