In this episode, I talk to Howard Marks of Oaktree Capital about risk and market cycles. We delve into topics like Howard’s career, what shaped his thinking about risk and market cycles, distressed debt, the importance of history, and much more!
Check out the episode to learn about risk and market cycles in a simplified way!
Howard Marks, who is worth $2.2 Billion, is a co-founder and co-chairman at Oaktree Capital. Oaktree Capital is the world’s largest distressed securities investor and manages over $120 Billion. Howard co-founded Oaktree Capital in 1995, and before doing so, he worked at the TCW Group. He has authored two best-sellers on investing: The Most Important Thing: Uncommon Sense for the Thoughtful Investor and, most recently, Mastering the Market Cycle: Getting the Odds on Your Side. Warren Buffett, arguably the greatest investor of all-time, praised Howard Marks for his memos, saying, “When I see memos from Howard Marks in my mail, they’re the first thing I open and read. I always learn something.” Howard majored in finance at Wharton and received his MBA from the Booth School of Business at the University of Chicago.
Howard’s memos are legendary for their simplicity and insight. As a result, I highly recommend checking them out!
Books Mentioned in the Episode:
- Manias, Panics, and Crashes: A History of Financial Crises by Charles P. Kindleberger
- The Most Important Thing: Uncommon Sense for the Thoughtful Investor by Howard Marks
- Mastering the Market Cycle: Getting the Odds on Your Side by Howard Marks
Check out a Q&A the Amador Valley Investment Club conducted with Howard Marks: Howard Marks At AVIC