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.
AI Snips
Chapters
Transcript
Episode notes
Investment Philosophy
- Prioritize risk control and aim for consistent returns, slightly above average.
- Specialize deeply in a few areas, rather than being a generalist.
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.
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.