169: Unlocking Investment Wisdom - With Howard Marks, Co-Founder of Oaktree Capital Management
Money Maze Podcast
Money Maze Podcast
4.8 • 216 Ratings
🗓️ 13 March 2025
⏱️ 56 minutes
🧾️ Download transcript
Summary
In a capricious investing world, where success is often transient, reputations easily tarnished and hubris punished, to have not only stayed the course for 55 years, but thrived, built Oaktree Capital into one of the largest investors in distressed securities worldwide and cemented a vast loyal following is extraordinary.
His investment memos written over the years are world class: engaging, lucid and approachable.
In this 1 hour conversation, Howard Marks shares some of his most important investing lessons. It’s a conversation everyone interested in investing should hear.
Howard explains, why it’s not what you buy, it’s what you pay that counts, why you need to be contrarian to succeed in investing, why over confidence is the enemy of performance, and - given the inevitable nature of cycles - why he subscribes to Voltaire’s comment that “history never repeats itself, but man always does”.
And that is before he discusses the role of luck, the future of the US, the “illusion of knowledge”, and much more with one of the investment greats!
The Money Maze Podcast is kindly sponsored by Schroders, World Gold Council, LSEG and IFM Investors.
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Transcript
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| 0:00.0 | I think it's really important to know the difference between data and information and wisdom or insight. |
| 0:07.4 | And you have to accept early that success doesn't come from knowing everything. |
| 0:13.2 | It comes from knowing the things that are important. |
| 0:16.8 | Welcome to the MoneyMays podcast. |
| 0:19.1 | If this is your first time joining us, I'm the host, Simon Brewer. |
| 0:22.9 | And in this show, we talk to proving leaders and thinkers from the worlds of business, investing from beyond. |
| 0:29.0 | Money talks and money moves. The direction would you choose? It's our money makes here to pave the way. To stay up to date with every episode please do sign up to our newsletter via moneymase podcast.com. |
| 0:44.8 | Episodes are also published on our YouTube channel and we're active on all major social media platforms. |
| 0:50.8 | Thank you for listening. |
| 0:53.8 | When Warren Buffett singles you out for praise, as he has done |
| 0:58.3 | with our guest today, it might be fair to say that they have summited the investment equivalent |
| 1:02.9 | of K2, Anna Perner and Kachengar, the most pallet challenging peaks to scale. In a capricious |
| 1:10.4 | investing world where success is often transient, |
| 1:14.3 | reputations easily tarnished and hubris punished to have not only stayed the course for 55 years, |
| 1:20.6 | but thrived, built oak tree capital into one of the largest investors in distress securities |
| 1:26.3 | worldwide and cemented a vast and loyal |
| 1:29.2 | following is extraordinary. His investment memos written over the years are world-class, engaging, |
| 1:35.4 | lucid and approachable. There's been so much wisdom imparted. I actually wasn't sure where to start. |
| 1:40.3 | We're preparing for this today's conversation. So for our listeners and viewers, you'll see why it's such a privilege today to be talking to Howard Marks. |
| 1:47.8 | Howard, welcome to the MoneyMace podcast. |
| 1:49.7 | It's a pleasure to be on with you. |
| 1:51.3 | Well, we love to start by just jogging back to the early days. |
... |
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