Bonus Episode: Howard Marks on “In Good Company”

This podcast features an interview with Howard Marks, co-founder of Oaktree Capital, discussing his investment philosophy and risk management strategies. The conversation covers his approach to investing, emphasizing risk control, consistency, and specialization, while highlighting the limitations of market timing and macroeconomic forecasting. Marks stresses the importance of understanding market cycles and judging decision quality based on the process rather than the outcome, illustrating this with examples from his career. He advises aspiring investors to develop a contrarian mindset and be comfortable with being wrong, emphasizing the role of probabilistic outcomes and the need for deep analysis rather than simply opposing the consensus.