RWH063: Avoid Disaster w/ Howard Marks

In this episode of the "Richer, Wiser, Happier" podcast, host William Green interviews Howard Marks, Chairman of Oaktree Capital Management, to discuss key investment principles gleaned from Marks' 56-year career and his influential memos. Marks shares insights on risk management, the importance of avoiding losers, and the futility of macro predictions, emphasizing the need for a risk-conscious mindset and specializing in inefficient markets. They explore the parallels between investing and sports, the dangers of overconfidence, and the significance of maintaining an even keel in uncertain times. Marks also reflects on his partnership with Bruce Karsh and the lessons learned from Charlie Munger, offering advice on balancing work with personal life and making conscious choices aligned with one's values.

Outlines

Part 1: Investment Philosophy and Risk Management

Part 2: Market Dynamics and Oaktree's Approach

Part 3: Current Environment and Future Outlook

Part 4: Life Balance and Personal Fulfillment

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We Study Billionaires - The Investor’s Podcast Network

Part 1: Investment Philosophy and Risk Management

Introduction to Oaktree's Investment Philosophy: Avoiding Losers

Investing as a Loser's Game: Consistency and Risk Management

Calibrating Risk Posture and the Dangers of Overtrading

Part 2: Market Dynamics and Oaktree's Approach

(After Sponsor Break) The Futility of Macro Predictions and the Importance of Uninstitutional Behavior

Bruce Karsh's Role at Oaktree and the Importance of Inefficient Markets

Preparing for Extreme Events and Stacking the Odds

Part 3: Current Environment and Future Outlook

(After Sponsor Break) Lessons from Charlie Munger and the Current Investment Environment

AI's Impact and Avoiding Investment Mistakes in Euphoric Markets

Navigating a New Era: Credit Instruments and Dealing with Uncertainty

Part 4: Life Balance and Personal Fulfillment

The Importance of a Balanced Life and Finding Your Own Way

RWH063: Avoid Disaster w/ Howard Marks

We Study Billionaires - The Investor’s Podcast Network

Part 1: Investment Philosophy and Risk Management

00:00Introduction to Oaktree's Investment Philosophy: Avoiding Losers

Introduction to Oaktree's Investment Philosophy: Avoiding Losers

06:08Investing as a Loser's Game: Consistency and Risk Management

Investing as a Loser's Game: Consistency and Risk Management

13:23Calibrating Risk Posture and the Dangers of Overtrading

Calibrating Risk Posture and the Dangers of Overtrading

Part 2: Market Dynamics and Oaktree's Approach

24:22(After Sponsor Break) The Futility of Macro Predictions and the Importance of Uninstitutional Behavior

(After Sponsor Break) The Futility of Macro Predictions and the Importance of Uninstitutional Behavior

33:04Bruce Karsh's Role at Oaktree and the Importance of Inefficient Markets

Bruce Karsh's Role at Oaktree and the Importance of Inefficient Markets

42:07Preparing for Extreme Events and Stacking the Odds

Preparing for Extreme Events and Stacking the Odds

Part 3: Current Environment and Future Outlook

50:52(After Sponsor Break) Lessons from Charlie Munger and the Current Investment Environment

(After Sponsor Break) Lessons from Charlie Munger and the Current Investment Environment

1:01:23AI's Impact and Avoiding Investment Mistakes in Euphoric Markets

AI's Impact and Avoiding Investment Mistakes in Euphoric Markets

1:11:08Navigating a New Era: Credit Instruments and Dealing with Uncertainty

Navigating a New Era: Credit Instruments and Dealing with Uncertainty

Part 4: Life Balance and Personal Fulfillment

1:19:38The Importance of a Balanced Life and Finding Your Own Way

The Importance of a Balanced Life and Finding Your Own Way