
In this interview podcast, William Green interviews Howard Marks, Chairman of Oaktree Capital Management, about his investment philosophy, particularly focusing on his 35 years of writing investment memos. Marks discusses key concepts such as avoiding losers to ensure winners, the importance of playing within oneself by emphasizing consistency over aggressive risk-taking, and the futility of relying on macro predictions. He emphasizes the need for a targeted risk posture, balancing aggressiveness and defensiveness, and the importance of specialization in inefficient markets. Marks also shares insights on maintaining an even keel during uncertain times, drawing from his experiences and the wisdom of figures like Charlie Munger and Warren Buffett, advocating for a balanced life beyond professional pursuits.
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