In this episode, William Green chats with multibillionaire investor Howard Marks, the co-founder & co-Chairman of Oaktree Capital Management. Since its launch 30 years ago, the firm has grown into a global powerhouse in alternative investments, with $218 billion in assets.

IN THIS EPISODE YOU’LL LEARN:

00:00:00 - Intro
00:04:01 - Why Howard Marks aims for “steady excellence,” not shooting the lights out.
00:05:59 - What investors should learn from great (& not-so-great) tennis players.
00:13:13 - How to figure out the right “risk posture” for your investment portfolio.
00:20:12 - How he managed to pull off 5 major market calls in the course of his career.
00:33:24 - What makes Bruce Karsh, his long-time partner, a superb investor.
00:36:52 - How specialization can give you a powerful edge.
00:57:53 - How today’s investment environment resembles the dotcom bubble.
00:54:21 - Why Howard expects most AI companies to “end up worthless.”
00:58:55 - Why he’s deeply wary of investing in Bitcoin & gold.
01:10:46 - Why bonds now strike him as a relatively attractive investment.
01:20:05 - How he reached the pinnacle without sacrificing family, friends or hobbies.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

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• The Complete Collection of Howard Marks’ Memos.


• Howard Marks’ book The Most Important Thing Illuminated.
  


• Howard Marks’ book Mastering the Market Cycle.


• Charlie Ellis's book Winning the Loser’s Game.


• David Swensen's Pioneering Portfolio Management.


• Edward Chancellor's Devil Take the Hindmost.


• William Green’s book, “Richer, Wiser, Happier” – ⁠⁠⁠⁠⁠⁠read the reviews of this book⁠⁠⁠⁠⁠⁠.


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• Related ⁠⁠⁠⁠⁠⁠books⁠⁠⁠⁠⁠⁠ mentioned in the podcast.


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