Investing Wisely In Times Of Uncertainty with Howard Marks
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- Опубліковано 12 бер 2022
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William Green speaks with Howard Marks, an investing legend and multi-billionaire. Marks is the co-founder and co-Chairman of Oaktree Capital Management, a global investment giant with more than $160 billion in assets. He’s the author of two best-selling books, “The Most Important Thing” and “Mastering the Market Cycle.” His client memos have earned him renown as one of the world’s most insightful thinkers on financial markets and the art of investing. Warren Buffett has said, “When I see memos from Howard Marks in my mail, they’re the first thing I open and read. I always learn something.”
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📖 BOOKS MENTIONED:
- The Most Important Thing Illuminated by Howard Marks - amzn.to/3MHer8B
- Mastering The Market Cycle by Howard Marks - amzn.to/3t1lHVh
- Richer, Wiser, Happier by William Green - amzn.to/3hZf53k
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▶️PAST EPISODES MENTIONED
- Principles for Dealing with the Changing World Order w/ Ray Dalio (TIP410) - • Principles for Dealing...
💡OTHER RESOURCES
- Howard Marks’ Memos - www.oaktreecapital.com/insights
- Howard Marks’ “Something of Value” Memo - www.oaktreecapital.com/insigh...
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I hope you enjoy my interview with the great Howard Marks for the #RicherWiserHappier podcast. We talk how to invest in times of high inflation, why he thinks he was wrong to dismiss Bitcoin, & much more. - William
We hope you enjoyed this episode as much as we did. Please let us know your thoughts in the comments section!
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This podcast is insane. I can’t believe it only has 29k views and rubbish online had millions of views. Incredible insight from one of the best investors in the world. Thank you for bringing this to us. Learned so much and I’m only 40 minutes in.
Thank you for the lovely comment, Kieran!
I just hit 43 minutes in. And you are so right! I love Howard’s talks.
Poor to rich ratio directly represents views on this channel vs rubbish. Lol
It’s because it’s a small percentage of people that watch this stuff. Fortunately those are the people that make the system work in our favor.
Sadly people aren't interested in Truth. Brilliant and eloquent speaker.
This channel is seriously underrated. Every interview tells a great story and adds a perspective for life.
Thank you so much for the lovely comment, Nanda!
Newton once said “If I have seen further, it is by standing on the shoulders of giants.”
I have read both books by Marks "Mastering the market cycle" and by Green "Richer, Wiser, Happier". The most valuable lesson from these great investors is their thought process, this interview again showed that distinctive quality.
Wish this channel greater success by bringing more content like this in the future. Subscribed
Thank you so much for the support, John!
What a high quality human.
Thoughtful, sincere, humble and generous.
Really enjoyed
Glad you enjoyed it, Vikram!
This is hands down the best investment interview channel on all of youtube. Fantastic guests combined with a fantastic interview skill
Much appreciated!
Really solid interview. Thank you for sharing it with the world.
Glad you enjoyed it, Brett!
"You only get one life. And the only thing you can do is to make the most of it"
Amazing content, thank you Gentlemen. Would love to become H.Marks student.
Glad you enjoyed the video, Jakub!
Howard Marks!, I admire him so much. Mr. Marks has focused on something that many people forget when they invest in the stock markets: that they really are buying a piece of companies not just a piece of paper. When we understand this fully, we really feel comfortable with our holdings regardless of the volatility of the market, particularly if we are invested in rock-solid businesses that we acquired at a very good price. Thanks for this video.
Thank you for watching!
I am so happy that Green got his own podcast. His book is great!
And what a great mind Marks is! Hope to see more interviews like this.
So glad to hear you're enjoying the series - and yes, stay tuned for more! :)
I would be retiring or working less in 5 years and I just want to know best how people split their pay, how much of it goes into savings, spending or investments. I earn around $165K per year but nothing to show for it yet.
you're not alone, I'm part of the High Earners, Not Rich Yet (HENRY) not having much left after taxes, housing, and family costs.. not to mention saving for an affluent retirement.
Don't be a marketing strategy for luxury brands like Louis Vuitton and Tag Heuer without having your money give birth to more money (I recommend ''The Richest Man In Babylon'') Rather, you can move to wealth by reducing expenses and increasing savings or investments. As far as I'm concerned, its ideal to consult a reliable financial advisor for such objectives.
@@susie4522 I totally agree, the end worries of handling my finance came in the person of a license advisor from CHARLES SCHWAB, and in less than 5 years, I've made it into a staggering $10M after subsequent investments. In my experience, fear can take control if waiting too long to set investment goals, but that should go away once you set the plan into motion.
@@lamp2248 wow! I'm 58. 75,000 USD pension, and only began this stock thing few months ago. Oh, and I live in the Great White North, Canada. I'm ramping up my savings for next year, while the economy and the feds play silly buggers. My goal is to see 2030 in good health and finish up my home payment by next year. Mind if I look up the advisor that aids you?
@@jeffdekonty My FA is "Ashley Breanne Haley" watched her on a CNBC interview where she was featured and reached out to her afterwards. She has since provided entry and exit points on the securities I focus on. You can look up her name online if you care supervision. I basically copy her trades.
Howard Marks may be the best mind in investing . He open and share so many super real information valuable
Glad you think so!
I like the way Howard Marks knows that he is luck in some sense and humble in his own way
I am very thankful to be able to listen to this interview. Howard Mark’s integrity is very much admired
Thankful for your support as well!🙌
Brilliant 👍
Happy to hear you liked the video, Oscar!
Wow. So glad I found this. Many many pearls of wisdom.
Soo many,I’ll have to listen again.😊
Glad it was helpful! Thank you for your support, you are always welcome here!😊
Always enlightenment and educational … thx both
Glad it was valuable for you!
What a great interview!! I was cooking and listening to this. Thank you for a great time
Glad you enjoyed it!
pick the right game for you !!! sounds simple but so true
love the sharing thank you so much!
Thanks for watching!
Thanks William, your channel videos are like the books at the Harvard Univ. School of investing ! If ever there was one. Thanks !
Glad you like them!
Great personality...very honest Interview..
Glad you liked the video!
Listening this for the 3rd time and cannot stop
One of the best interviews I've ever watched. Marks is a genius.
Thank you so much for the kind words, Hunter!
THERE IT IS! I was looking forward to this interview since you talked to Ray Dalio and mentioned that HM will be on later! Thank you William Green!
Hope you enjoyed it!
thank you for such a great interview. Howard Marks is a great human being
Thank you.
Thanks for watching!
Amazing Podcast !!
Much appreciated!
I have listened to many talks and interviews with Howard Mark's and this is probably the best so far. The thoughts about investing but I really like that you got beyond that and talked about his principles
Thank you for the kind words! We're glad you found it valuable!💯
Great video and good subject
Glad you enjoyed it!
Thanks William and Howard. A wonderful interview ❤️
Thank you so much!
Incredible that someone as smart as Marks just figured this out.
Absolutely loved your book William and am enjoying these podcasts now..........good advice always works everywhere.........greetings from Mumbai.
My personal fav story is about a fresh faced investment banker back from Wharton, US and he asks our BSE broker (kaka)........Hey, how do I make money in stocks.....kaka says buy low and sell high....the kid says wow - that sounds easy, in how much time will I learn this.......kaka says ONE LIFETIME........still learning @ age 49 myself
Awesome, thank you so much!
Amazing interview. Loved the timeless wisdom from howard marks. Just amazing. And totally under-rated
Glad you enjoyed this episode, Benson!
Thanks for sharing your insights Howard, William, and The Investors Podcast Network.
Our pleasure!
William Green has taken Investors Podcast to the next level! Dalio, Robbins, Marks…and yes, I know that have all been on here previously.
Happy to hear your enjoying the episodes so far, Jay!
Thanks to share this ❤
You're an incredible interviewer. Well done. Thanks for this amazing interview.
Wow, thank you, Marcus!
I love Howard Marks.
Glad you enjoyed the episode, Zach!
Thanks! Howard is so good, he says it there is no edge in investing.. we have no insider information as everybody knows the same or more
Thank you - what a fantastic interview.
Our pleasure!
Thank you sir
Great interview. Super insights.
Glad you enjoyed it!
Wonderful interview with lot of valuable insights. Thank you so much❤
Thank you for your comment! Glad you enjoyed it!🙌
Podcast from the great investor Howard Marks and this channel are terrific. We could learn a lot from them but don't have any idea why less views. Unrealistic world.....
Thank you! We appreciate your support!🙌
Truly outstanding interview!
Much appreciated!
alpha shit right here!! 🔥🔥
Thanks for watching!
Brilliant interview and thank you so much for sharing these invaluable lessons. Say hello from Thailand.
Hello Thailand! Thank you for the support. :)
Great channel William!
Glad you enjoy it!
Great answers to fantastic questions.
Thank you for the lovely comment, Luxus!
Howard Marks is a top-notch teacher. As an FYI his company ticker is OCSL it's a pretty good stock.
Glad you found the episode valuable! :)
I just found this channel and you should know that I am thrilled! I have watched this video aswell as your interview with Joel Greenblatt, and let me tell you I loved both!
Wow, thank you! You might also enjoy watching our interview with Aswath Damodaran - ua-cam.com/video/caHm_2U9pUA/v-deo.html or Monish Pabrai - ua-cam.com/video/a8AwDBppM2o/v-deo.htmlsi=r1YVxaJruV-ImUyv 🙌
Good interview 👍
This was a great interview
Glad you think so, Anoosh!
Love this channel
Thank you for your support!🙌
nuts podcast!!!!! thanks
Thanks you!!!🙌
Always great to listen to Howard and his memos, books. I learnt a lot from him over the years.
Happy to hear you enjoyed the episode!
@@TheInvestorsPodcastNetwork great investor like Howard should he more on this channel
Great Interview I've learnt a lot from this podcast it's full of Jewels 👑🙏🙌👌🏼
So glad to hear that, Cyril! Cheers!
Jews jewels 😂
Great stuff.
Glad you think so!
33:00 I respectfully disagree. Time has proven that it wasn't different that time in 2020. So, I think Templeton's view still stands: The most dangerous words in investing are still: "This time is different ".
Moral of the interview - Dont let your children change your views if they violate your investment principles.
Having my biggest position in Chinese equities i really appreciated that part :)
Listen and learn. Wow
Howard Mark should be on the Mt. Rushmore of investors alongside Warren Buffet and Peter Lynch!
Thanks for watching, Chris. Cheers!
buffet is a fraud who made all his money from QE and taxpayer bailouts he;d be bust if he didn't have influence in DC
@@bitcoinisfreedommoney.fckt2663 Buffet was rich before the bailouts. His influence is an enormous cash position, Buffet he is able to bailout banks and insurance companies. And his reputation is beyond reproach, he places ethics before profit.
Thank you so much William and Howard, really learned a lot, inspired, and enjoyed this great conversation 👍
Great to hear!
This podcast is amazing… I feel like I just found I diamond from which to learn and learn high quality knowledge in many areas… I suppose that’s one of the things I love investing so much, because it embraces everything. Even if you must be selective because it’s impossible to know everything…
As Socrates said: I only know that I know nothing.
Thank you so much for all the hard work you do, which allows us access to brilliant minds (as yourself).
In Guy Spier podcast was mentioned something like: if you think the writer of a book is smart for what he wrote, it’s because you don’t know the work he did behind to make it understandable.
(It was something like this… but the point is the meaning).
Thanks.
I hope this road is long and productive.
I wish you the best doing what you love.
Pd: sorry for my English.
Thank you so much for your support, Lucas! 🙌
William - I am not sure you know the great value that you add to neophyte investors like me through your interviews of legend investors (Pabrai, Spier, Marks). I am reading your book. It is a jewel. Thank you sir!
Fantastic! Hope you enjoy!
I think the right question isn't: "Who doesn't know that ?" but "What importance should I give to this information compared to all of the other information that's out there ?" If there 3 new facts that are positive and 3 new facts that are negative, does the positive overcome the negative or not and what importance they have to the overall picture. I've been reading the Oaktree Memos, I'm up to 2014.
I stopped following this channel when they started boring me with crypto, it became unbearable. Now with William Green - wow! First Joel, now Howard, amazing! I love his book also: richer, wiser, happier. Amazing interviewer und interviewee!
Happy to hear you enjoying the series!
"A man gots to know his limitations."
Thanks for watching, Patrick!
@@TheInvestorsPodcastNetwork great interview. Love howard Marks. First heard about him in richer wiser happier.
good stuff. now that interest rate is rising, and inflation stay high. S&P drop back to 3300
So, for the not-so-great companies, it is shorter term relationship once or if fair value is reached or bail if signs of failure in future. For the great ones...more of a long term relationship. Both would still be purchased at a discount. I would still have a base slice of market and do stock picking as a lite supplement.
33:00 Compare to what Howard said in his latest memo, titled "Bull Market Rhymes". He wrote in that memo:
"It’s hard to imagine a full-throated bull market arising in the absence of something that’s never been seen or heard before. The “new, new thing” and belief that “this time it’s different” are shining examples of recurring bull market themes."
Turns out Howard’s initial take on crypto was right. The lesson - be open to new things, but don’t be gullible.
1:10:00 section on China is worth listening for China skeptics.
His mother was saved
is this a new interview?
Yes, it is! Hope you enjoy. :)
Something about the style of how Marks breaks things down always resonates with me. He is saying things that most of us already believe.
But he just puts it in a way that helps us reaffirm those beliefs even when it is put to test in the most extreme situations.
Great stuff. Listening to him is like having a philosophy lecture. I don’t think his analogy of China to an adolescent works. To stretch it a bit: an adolescent is a poor candidate for nurturing a baby. In our case babies are companies. You want companies to grow nurtured by a mature and wise adult, like the US. An adolescent grow faster, has more energy, is creative. But it can also be emotional, undisciplined, even self-destructive. Just look at all the Chinese tech entrepreneurs. How many of them has only one passport? How many keep their core assets in China? How many are still living and doing business in China? Where is Jack Ma?
Times of uncertainty? All times are uncertain.
Marks has the same talking points in every interview. Wish he’d mix it up more.
Anchor wanted to make Jewish Jewish chit chat but smart Howard Marks quickly cut him to size....Only then Anchor moved on to real interview
Check out the number of views and likes on some of those influencers who pump and dump crypto and junk stocks. Happy that this channel is a gold mine that value investors find useful.
Thank you for your kind words @peerguy! Glad you find value in our channel.
Read the Bible for ultimate answers.
This didn't age well.
He was born in 1946 you're asking him about the great depression?
Ask him about the atrocities his people are committing everyday against the Palestinian people today. I think it's more relevant.
You insulted this man by saying he was lucky. There's no such thing. Your timing is right or it's wrong. I would've probably ended the interview soon as you said I got lucky. Saying he got lucky threw all his expertise and knowledge about trading out the window. He shouldn't ever want to be interviewed by you ever again. Blatant disrespect 💯
I don't know whether you are as lucky as him, but it is clear that you have big ego and little skill. The mindset of a mediocre. 😌
Insane only 93k views , now I know why the rich are rich , an stupid junk video gets a million views