Money Maze Podcast
169: Unlocking Investment Wisdom - With Howard Marks, Co-Founder of Oaktree Capital Management
Mar 13, 2025
Howard Marks, Co-founder of Oaktree Capital Management, is a celebrated voice in investing, known for his insightful memos. In this engaging conversation, he emphasizes that it's not about what you buy, but what you pay. Marks discusses the necessity of being contrarian and warns against the perils of overconfidence. He shares how human emotions influence market cycles and the importance of intellectual humility when navigating uncertainty. Additionally, he touches on the implications of rising government debt while advocating for personal fulfillment over pure profit.
56:27
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Quick takeaways
- Success in investing hinges more on the price you pay than the asset you buy, emphasizing strategic valuation over mere selection.
- Being a contrarian in investment requires courage and a deep understanding of market psychology, as opportunities often lie beyond mainstream trends.
Deep dives
The Importance of Distinguishing Knowledge Levels
Understanding the difference between data, information, and wisdom is essential for success. Knowledge alone isn’t sufficient; what truly matters is recognizing which information is important amidst the overwhelming noise. Examples from notable figures highlight how focusing on a few key insights can lead to better decision-making in investing and business. This principle emphasizes that cultivating wisdom and insight will yield better outcomes than accumulating vast amounts of superficial knowledge.
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