We Study Billionaires - The Investor’s Podcast Network
TIP545: The Third Sea Change Has Begun w/ Howard Marks
Apr 14, 2023
This week, Trey Lockerbie talks with Howard Marks, an investing legend and founder of Oaktree Capital. Howard shares his insights on the current Sea Change in financial markets, marking a pivotal shift in his 50-year career. He delves into how AI and Bitcoin are reshaping investment strategies and discusses the impact of a moderate interest rate environment on global debt. His reflections on Japan's economy and adapting to evolving market conditions offer listeners valuable perspectives on risk management and investment philosophy.
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Quick takeaways
- Understanding sea changes in financial markets is crucial for investors to navigate fundamental shifts.
- Artificial intelligence may enhance investment processes, but human insight is essential for qualitative assessments.
Deep dives
Howard Marks' Analysis of Sea Changes in Financial Markets
Howard Marks delves into the concept of sea changes in financial markets, distinguishing them from typical market cyclicality. He reflects on past sea changes, such as the shift in risk-return thinking in the late '70s, and the impact of declining interest rates in the '80s. Marks explains how cycles occur due to human optimism and excesses, leading to corrections back to trend lines. He predicts a potential new sea change in the financial markets today, highlighting the significance of understanding fundamental shifts in market dynamics.
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