Howard Marks - Co-founder of Oaktree | Podcast | In Good Company | Norges Bank Investment Management
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- เผยแพร่เมื่อ 26 ก.ย. 2024
- Howard Marks: Oaktree Capital, Investment philosophy, risk and randomness
How can you judge the quality of a decision? Howard Marks is the co-founder of Oaktree Capital and one of the world's most respected investors. In this episode he tells us about how he got started in finance, his investment philosophy, his thoughts on risk management and much more. Tune in for an insightful conversation with one of the greatest minds in the world of finance.
In Good Company is hosted by Nicolai Tangen, CEO of Norges Bank Investment Management. New episode out every Wednesday morning European time.
The podcast In Good Company is part of Norges Bank Investment Management , a podcast about our investments. We are transparent about how the fund is invested. In this podcast, you to get a deeper insight into the companies the fund is invested in.
Our CEO, Nicolai Tangen, has in-depth interviews with the leaders of some of the largest companies in the world. You will get insight into their leadership principles, the company’s strategy and how they are dealing with a large investor like us. You will also learn more about our role as an owner of the companies.
You can read more about the podcast on www.nbim.no/en...
“When I see memos from Howard Marks in my mail, they're the first thing I open and read. I always learn something.”
" Warren Buffet "
Financial consultants can help by recommending investments that outpace inflation, such as real estate or certain stocks. A client of mine followed this strategy and saw their savings grow by 15% in just two years, effectively countering inflation.
I copied his name and pasted it into my browser; his website came up immediately, and his qualifications are excellent. Thank you for sharing.
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It's unbelievable that this is free. What a blessing.
I concompletely concur. This was so incredible in many ways
Don't tell them that! 🤨
Never heard anyone else with such a clarity of thought. Mark Howards is a deep thinker.
Even though Mr. Marks primarily deals with the credit markets, value equity investors can still learn a lot from him. I've always seen him as a modern-day philosopher. Also, you asked many questions that have not been asked of him before. Great interview, like all of your other ones.
This is a really insightful conversation about investing and markets. Howard Marks deeply understands the market.
Simply the best trader of 2023. Thanks for the lessons.
Rarely leave comments but this interviewer really knows what to ask, how to ask and a lot of insights are solicited. Thanks!
I feel I always learn something when I listen/read something from Howard Marks. Inspiring!
Phenomenal interview with lots of wisdom shared. Thank you Nikolai and Howard for sharing this with us
Take aways:
- Investment Principles: Risk Control, Consistency, Market Efficiency, Specialization, No Macro Prediction, No Market Timing
- Annie Duke, “Thinking in Bets”
- Risk Control, is not risk avoidance, risk avoidance equals to return avoidance, but risk is not also equal to return guarantee. The key of risk control, is risk awareness, able to analyze and take an unbalanced return-risk bet on it
- Most of time market is not predictable, thus no market timing, but on the other side, when market is at extreme, it’s fairly predictable, but it’s very very rare. 5 times only in the 50 previous years. After the financial crisis, they buy large assets in the consecutive 13 weeks after the bankruptcy of Lehman Brothers. Most of the time, shall follow a bottom up fashion
Thank you for this channel and the interviews, from Thailand!
Wow I just discovered Howard Marks in detail today and I am blown away.
Love Marks. Host relentlessly seeks free advice.
Howard is incredible intelligent and wise, it's that that's made him so rich
Timeless wisdom from Mr. Marks
Investment banking can be quite lucrative if you know what you're doing, but it also comes with its fair share of risks.
That's true. I've dabbled in investment banking myself, but I prefer to leave the heavy lifting to the professionals.
Speaking of professionals, have you guys heard of RPC Wealth? They've been managing my portfolio for the past couple of years, and I've seen significant growth in my investments.
RPC Wealth, you say? I haven't heard of them before. What sets them apart from other advisory firms?
Well, for starters, RPC Wealth takes a personalized approach to wealth management. They tailor their strategies to fit each client's unique financial goals and risk tolerance.
Plus, they have a team of seasoned professionals who are experts in their field. They use a combination of traditional investment strategies and cutting-edge technology to maximize returns for their clients.
Great content. Out of curiosity, what % of Oaktree main fund returns are driven by use of credit facility vs investment alpha. Asking for a friend.
Things that would be difficult individually become easier when you have somebody you respect who supports you - Howard Marks
Amazing interview. Thank you.
one of the best so far , conversations
Two very, very brilliant gentlemen.
Reading Richer, Wiser, Happier. He was featured in it!
what a podcast, really appreciate it
I have two questions:
1. How do you know when the consensus is actually right? What are the cause/effects we should study if the consensus may actually be right and we are not making bets because its contrary? For example, the consensus is not too too strong for the market like right now with the S&P 500 outlook hitting 6,000 points by end of 2024 (Source Evercore ISI) but the market is slightly over-heating?
2. Since we know that there are cycles both the short-term debt cycle (business cycle) and the long-term debt cycle, we know that people become excessive due to emotions when times are good. If we know and understand these cycles, why do people become excessive contributing to their own downfall? How can we measure the inflection point and know the maximum temperature we can hit in the markets before we are on a downward spiral?
Good content and enough details to make you money.😍
Greatly appreciate all the effort you put into running Norges and doing these interviews.
You know you have to watch it once you see the name!
very good content, thank you
The world needs decision makers rather than creators
Guys, technical issues are common and understandable, but whoever was operating these cameras could go to functional camera and operate it. Make it wide for both people when question time and zooming in slowly for responses. Great interview though
true. I was thinking the same - why not just have a pan with both lol
Markets were acting in a carefree non-risk-conscious kind of manner. Bingo!
Thank you Nicolai
Love this!
Sawasdeekrap from Thailand.🙏
Howard is brilliant
Great questions
Stanley Druckenmiller please. And ask about his Nvidia stocks!
thank you sir💗
Love it
“No economist would be hired”… e.g Robert Shiller in Gundlach’s RE funds - Doubleline
41:18 Well, you've been fooled by Nasib, dentistry has a lot uncertainty and risks too, coming from a 0,01%dentist
Elon was generous enough to give this man an interview early this year and in return, this man voted AGAINST Elon's pay package. Elon even accepted his dinner invitation. This man have no shame. GYF Nicolai from Norway
warren, Howard, Brent Johnson - about the only 3 people that makes some sense on YT... for reference I outperform 99% of pro managers.
Having a sigma personality is a positiv.
The interviewer was incredibly annoying. Still great to listen to Marks though
Uhh, people are not as unpredictable as he thinks. If he really needs a lesson in psychology, he could start in his intellectual neck of the woods: behavioral finance.
First!
second
Perez Richard Johnson Ruth Perez Matthew
It's a common misconception that when a stock you buy skyrockets, the smart thing to do is sell it (or at least sell some of it) to lock in your profits. But the context matters. If the stock has increased sharply because the business is performing exceptionally well, it could still be a bargain. I'm still looking for companies to make additions to my $350K portfolio, to boost performance. Here for ideas...
This guys voted YES for Elon 2018 package, and voted NO now.
oh no Nikolai has been abuducted by aliens
Howard isn't CEO
guy is not sure why cycle exists... hmm
.....he has a book named mastering market cycles! Bahahha
This guy’s fund voted against paying out Elon’s compensation package. Very sneaky, be aware.
Thanks for you information,but I think your opinion is biased.
I would have voted his package down too. Elon is diluting the share holders with his package.
Excellent interview ⭐⭐⭐⭐⭐
"I don't know enough about AI to know if this is excessive or justified." Neither do I, but I know enough about markets to know that given the current velocity, the chances are that it will become overvalued!
I am so grateful that you have come out and shared your experiences and written a book. I have read all of your books and I have really benefited from them.
Thank you Howard Marks.
What a great interview! Thank you
the only one without interrogation feeling ;) asking P911 CEO about China sales- hilarious!
Excellent interview. Thank you.