Howard Marks, a billionaire investor and author, shares insights on the importance of simple writing and unique perspectives. He emphasizes the need for clarity, humor, interesting topics, and challenging the reader in high-quality writing. Learn how Marks engages and delights his audience with impactful ideas that break down barriers.

We sit down with legendary investor Howard Marks of Oaktree Capital and his son Andrew who, while less-well-known, is also an incredibly accomplished investor in a very different arena: early-stage VC. The purpose of the conversation was to discuss their joint work together on Howard’s all-time most popular memo, “Something of Value”, which made the then-shocking argument that Value and Growth investing are not diametric opposites but rather two sides of the same investing coin. We of course dive deep into that, and also cover plenty of fun Oaktree and investing history, as well as Andrew’s favorite topic: selling (or not selling, as the case may be). This is not one to miss!  Links: The Original “Something of Value” Memo Howard and Andrew on Oaktree’s “The Memo” podcastSponsors:ServiceNow: https://bit.ly/acqsnaiagentsHuntress: https://bit.ly/acqhuntressVanta: https://bit.ly/acquiredvantaMore Acquired!:Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2024 ACQ, LLC‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

Howard Marks, Co-founder of Oaktree Capital, talks about his journey into finance, Oaktree's investment philosophy focusing on risk control and market dynamics, the importance of patience and understanding market cycles, strategic risk management, challenging common wisdom in the market, and lessons from games for intelligent risk-taking in investing.

Howard Marks, a renowned investor known for his expertise in market cycles, teams up with Morgan Housel, bestselling author and partner at Collaborative Fund. They delve into the intricate dynamics between debt and investment outcomes, discussing how leverage can amplify risk and returns. The conversation touches on the necessity of resilience and long-term strategies, drawing insights from historical examples and the wisdom of embracing volatility. Housel’s thoughts on managing debt and the psychological aspects of finance add depth to this compelling dialogue on sustainable investing.

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.

Trey Lockerbie invites the renowned Howard Marks, known for establishing Oaktree Capital with $140B in AUM and earning a reputation as an investing legend for his consistent performance, unconventional investments, and insightful memos. In their discussion, Howard shares his views on various topics, including A.I., Bitcoin, and his prediction that the financial markets are undergoing a significant transformation, which he believes is the third such occurrence in his illustrious 50-year career.Howard is the author of several books on investing, including "The Most Important Thing" and "Mastering the Market Cycles," which have been widely praised for their insights into the investment process.IN THIS EPISODE YOU’LL LEARN:0:00 - Intro.01:53 - His prediction that the financial markets are entering a Sea Change, the third such event he has seen in his over 50 year career.02:16 - Why this Sea Change differs from normal market cyclicality.18:58 - How a more moderate interest rate environment affects global debt and his risk assessments.36:28 - How studies of Japan influenced his investing philosophies.48:21 - His thoughts on A.I., Bitcoin, Japan & China. 56:14 - Also included are some of Howard’s personal insights.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members. Related episode: Listen to TIP378: Move Forward With Caution w/ Howard Marks or watch the video here. Related episode: Listen to TIP497: Lessons From Billionaire Howard Marks or watch the video here. Related episode: Listen to TIP073: Billionaire Howard Marks – The Most Important Thing or watch the video here. Visit: Oaktree Capital Management. Howard Marks Memos. Check out: Mastering the Market Cycle by Howard Marks. Check out: The Most Important Thing by Howard Marks. Check out: Mistakes Were Made (But Not by Me): Third Edition: Why We Justify Foolish Beliefs, Bad Decisions, and Hurtful Acts by Carol Tavris. Trey Lockerbie's Twitter. SPONSORSSupport our free podcast by supporting our sponsors: River Toyota Range Rover Sun Life SimpleMining The Bitcoin Way Onramp Briggs & Riley Public Shopify Meyka Fundrise AT&T iFlex Stretch Studios Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

On today’s episode, Clay reviews Howard Marks’ book – Mastering the Market Cycle. This is a wonderful book for understanding market cycles and where we are at in the cycle at any given time. Most investors aren’t aware of the cyclicality of markets and are prone to fall victim to greed and fear at the exact wrong times. Superior investors are aware of markets cycles, and position themselves to profit from them.IN THIS EPISODE YOU’LL LEARN:00:00 - Intro.03:32 - Why it’s important to understand market cycles to be a superior investor.11:05 - What drives market cycles and why they exist.23:14 - How to think about the economic cycle, and the governments role in managing the economic cycles.30:53 - How to identify where we are at in a market cycle.32:08 - Why the market’s mood resembles that of a pendulum swinging back and forth.32:30 - Why cycles are inevitable, and will likely always be a key driver of markets into the future.38:47 - What the greatest source of investment risk is.58:03 - What Howard Marks learned from managing billions of dollars during the great financial crisis.58:57 - Why the credit cycle is the most volatile of all cycles, and has the greatest impact on markets.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members. Howard Marks’ book - Mastering the Market Cycle. Check out our recent episode covering Clay’s review of Howard Marks’ book - The Most Important Thing, or watch the video here. Check out our recent episode covering the 100 to 1 in the Stock Market by Thomas Phelps,  or watch the video here. Related episode: Listen to TIP378: Move Forward With Caution w/ Howard Marks or watch the video here. Related episode: Listen to TIP545: The Third Sea Change Has Begun w/ Howard Marks or watch the video here. Follow Clay on Twitter. SPONSORSSupport our free podcast by supporting our sponsors: River Toyota Range Rover Briggs & Riley American Express The Bitcoin Way Public Onramp USPS Simon & Schuster SimpleMining Vacasa Shopify AT&T iFlex Stretch Studios Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Billionaire investor, author and co-founder of Oaktree Capital Howard Marks discusses risk assessment, how to think different than the crowd, and the three mighty dares that separate the successful from the also-rans.   Go Premium: Members get early access, ad-free episodes, hand-edited transcripts, searchable transcripts, member-only episodes, and more. Sign up at: https://fs.blog/membership/   Every Sunday our newsletter shares timeless insights and ideas that you can use at work and home. Add it to your inbox: https://fs.blog/newsletter/   Follow Shane on Twitter at: https://twitter.com/ShaneAParrish  

Financial expert Howard Marks and journalist Edward Chancellor discuss the history and impact of interest rates, the effects of low and negative interest rates on the economy, the complex relationship between interest rates and capital flows, the criticism of central bank activism, and the importance of monitoring the credit cycle in successful market calls.

Howard Marks, co-founder of Oaktree Capital Management and acclaimed author, shares invaluable investing wisdom. He discusses how second-level thinking can enhance investment skills and identifies common reasons for stock mispricing. Marks emphasizes the importance of risk assessment, distinguishing between luck and skill, and highlights the need for patient opportunism in finding undervalued opportunities. The conversation also delves into market efficiency and the psychological barriers investors face, making for a compelling exploration of effective investment strategies.