In the past, the world seemed stable with only cyclical changes, but now everything changes rapidly. Companies may be worth less in the uncertain future due to increased disruptions and less permanent business models. However, this uncertainty also presents opportunities for companies with competitive advantages to create more value by leveraging their strengths to enter new markets or launch products. Leveraging advantages and adapting to changing circumstances can lead to significant value creation, especially in the era of the internet connecting global markets.
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!
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Note: 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.