We Read & Summarized All of Howard Marks' Memos So That You Don't Have To! Howard Marks’ Investing Playbook for Buying When Others Panic & How to Approach Market Cycles, Risks and Returns!
Description
In this episode of The Memo Masterclass, we dive deep into Howard Marks’ 35-year archive of legendary memos, distilled into the only ideas that truly matter. Discover why market cycles aren’t random but pendulum swings driven by emotion, how first-level thinkers get crushed while second-level thinkers compound for decades, and why Marks says “the most important thing is to avoid strikeouts, not swing for home runs.”
We unpack his brutal truths: risk goes beyond volatility and often correlates with permanent loss; leverage is dynamite; and the biggest danger is believing there is no risk. From rejecting macro forecasts to exploiting inefficient markets like distressed debt, we reveal Oaktree’s defensive playbook that turned panic into profit across multiple crashes.
You’ll learn why “patient opportunism” beats constant activity, how the race to the bottom destroys returns, and why being aggressively contrarian at the extremes is the highest form of second-level thinking.
Whether it’s the leverage bubble of 2007 or today’s everything-bubble vibes, Marks’ timeless warnings are flashing red again.
If you want to think like the investor Buffett calls “must-read,” this episode is your masterclass in cycles, risk, and surviving (and thriving) when the pendulum finally swings back.
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