In this episode of the podcast, Howard Marks, a legendary investor and co-founder of Oaktree Capital, shares his insights on investment strategies and market cycles. He advises listeners to be cautious when others are carefree and aggressive when others are terrified, emphasizing the importance of understanding where things stand in the market cycle. Marks discusses his experiences, including navigating the tech bubble in 2000 and the financial crisis of 2007-2008, and highlights the significance of unemotional investing and avoiding common mistakes like assuming the present will persist. He also touches on his personal investment philosophy, his preference for credit over equities due to his conservative nature, and the value of consistent, above-average performance over time.
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