The Memo by Howard Marks
Bonus Episode: Howard Marks on “In Good Company”
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.
41:11
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Quick takeaways
- Investment success requires prioritizing risk management and focusing on less efficient markets.
- Quality decisions in investing involve navigating uncertainty, emphasizing skill over luck, and understanding randomness.
Deep dives
Howard Marks' Investment Philosophy
Howard Marks' investment philosophy centers on six key points: prioritizing risk control to make money while keeping risks manageable, aiming for consistency in returns, focusing on less efficient markets, specializing deeply in chosen areas, avoiding macro forecasting, and not relying heavily on market timing. These principles have remained consistent in his approach over the years, with a growing conviction towards concepts such as market efficiency and the limitations of macro forecasting.
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