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.
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Convertible Bond Fund Start
- Howard Marks was moved from equities to bonds and asked to start a convertible bond fund at Citibank.
- He loved focusing on 40 securities and understanding them deeply without bureaucracy.
Contrarian Investing Insight
- To achieve unique success, you must do things others avoid and have them succeed.
- Contrarian investing is necessary but not sufficient; results must be positive.
Smart Selling Strategy
- The hard part is staying with an idea until it works, not when to exit a winner.
- Sell only after reanalyzing and deciding you wouldn't buy it anew; holding can be valid.
