In this episode, William Green chats with multibillionaire investor Howard Marks, the co-founder & co-Chairman of Oaktree Capital Management. Since its launch 30 years ago, the firm has grown into a global powerhouse in alternative investments, with $218 billion in assets. 

IN THIS EPISODE YOU’LL LEARN:
00:00:00 - Intro
00:04:01 - Why Howard Marks aims for “steady excellence,” not shooting the lights out.
00:05:59 - What investors should learn from great (& not-so-great) tennis players.
00:13:13 - How to figure out the right “risk posture” for your investment portfolio. 
00:20:12 - How he managed to pull off 5 major market calls in the course of his career. 
00:33:24 - What makes Bruce Karsh, his long-time partner, a superb investor.
00:36:52 - How specialization can give you a powerful edge.
00:57:53 - How today’s investment environment resembles the dotcom bubble. 
00:54:21 - Why Howard expects most AI companies to “end up worthless.” 
00:58:55 - Why he’s deeply wary of investing in Bitcoin & gold.
01:10:46 - Why bonds now strike him as a relatively attractive investment.
01:20:05 - How he reached the pinnacle without sacrificing family, friends or hobbies.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES
<ul>
 <li>Join the exclusive <a href="https://www.theinvestorspodcast.com/mastermind-2/">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a> to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.</li>
 <li>Inquire about William Green’s <a href="https://williamgreenwrites.com/masterclass/">⁠⁠⁠Richer, Wiser, Happier Masterclass⁠⁠⁠</a>.</li>
 <li>The <a href="https://www.oaktreecapital.com/docs/default-source/memos/the-complete-collection.pdf?sfvrsn=58102966_3">Complete Collection</a> of Howard Marks’ Memos.</li>
 <li>Howard Marks’ book <a href="https://www.amazon.com/Most-Important-Thing-Illuminated-Thoughtful/dp/0231162847?&linkCode=ll1&tag=tipnetwork-20&linkId=a9a88d8e8d9605a83376fde2e80eda20&language=en_US&ref_=as_li_ss_tl">The Most Important Thing Illuminated</a>.
</li>
 <li>Howard Marks’ book <a href="https://www.amazon.com/Mastering-Market-Cycle-Getting-Odds/dp/0358108489?adgrpid=190269849110&dib=eyJ2IjoiMSJ9.gnUnD3XGcGhiWWudeb1SM2zVOtn4GRkmN9K6c_00gGLYz6K76v6NukLC1AgAxTMWJuGfrxEH_-zghKxxxBOuNKgNbY7dJDVnIo3fp50KxR0C5PPPyukRCjm3z_reWydbWAWOH1BSe7DvHgbbJ7yR7bZVZYcnUtO85WyuqFzBBX--S3ZlDYXYX9rmMP4R1M2PKHStzlraRv70_8Ep2H55ZSH144dE5-BEJkK4BFZPpFs.QyJLNQXQdGIruHcl15SUtx-HLkPFF6FAZM7RCVBjPf0&dib_tag=se&hvadid=779686017775&hvdev=c&hvexpln=0&hvlocphy=1023419&hvnetw=g&hvocijid=11018695788377667376--&hvqmt=b&hvrand=11018695788377667376&hvtargid=kwd-297515445081&hydadcr=22537_13821287_8187&keywords=howard+marks+books&mcid=67459cc7908933d7b28470d9376e6763&qid=1765326826&sr=8-2&linkCode=ll1&tag=tipnetwork-20&linkId=7b1dc70c0ec42c6e8f61628b2b36f115&language=en_US&ref_=as_li_ss_tl">Mastering the Market Cycle</a>.</li>
 <li>Charlie Ellis's book <a href="https://www.amazon.com/Winning-Losers-Game-Strategies-Successful/dp/1264258461?crid=1KXVXHR84HI0T&dib=eyJ2IjoiMSJ9.BZTgcDewstRAlWFphW3JuDIwB8aPd3MQ1-3MKq9ZYDRiVpauWNj6cG8IZunygPmB6ttilPNcim3juc8_npaF3iaqPtzKztv9RU4vkpyQKA3epS2sSia2IAkncMeWQy9_4lmcM3WEOxa1J9JNCZ3IMEtegVo9ePa3uhGo53530ApDtG8s_EYjcsZ3fvFHlsMuSJZcsAitgbMiwEeeAW8SpHIcBk1qC1UQY4961OW2Q84.qSjwsoDr1xQzgOa0Yn0En93Yeo4EgVf6c5SAtO_2xxU&dib_tag=se&keywords=winning+the+losers+game&qid=1765326693&sprefix=winning+the+loser%2Caps%2C126&sr=8-1&linkCode=ll1&tag=tipnetwork-20&linkId=5ce6f6b0ac68f05cb211f810482f2e84&language=en_US&ref_=as_li_ss_tl">Winning the Loser’s Game</a>.</li>
 <li>David Swensen's <a href="https://www.amazon.com/Pioneering-Portfolio-Management-Unconventional-Institutional/dp/1416544690?crid=20UE5JQGORCQV&dib=eyJ2IjoiMSJ9.qzar4SbV_fpqNTg4bZgqAfBh2wBzz9xmMOwtpQ-yHe3GjHj071QN20LucGBJIEps.AuSX-uFTfjrsTYa-6CuYqPjrX2zmx-Tgxg0NgeRY4DQ&dib_tag=se&keywords=%E2%80%A2+Pioneering+Portfolio+Management+by+David+Swensen&qid=1765326748&sprefix=pioneering+portfolio+management+by+david+swensen%2Caps%2C120&sr=8-1&linkCode=ll1&tag=tipnetwork-20&linkId=bb371023ec476eea3bc91363a6947cd2&language=en_US&ref_=as_li_ss_tl">Pioneering Portfolio Management</a>.</li>
 <li>Edward Chancellor's <a href="https://www.amazon.com/Devil-Take-Hindmost-Financial-Speculation/dp/0452281806?&linkCode=ll1&tag=tipnetwork-20&linkId=b01520667cea9e1837f053f0cd2eda9f&language=en_US&ref_=as_li_ss_tl">Devil Take the Hindmost</a>.</li>
 <li>William Green’s book, “Richer, Wiser, Happier” – <a href="https://www.amazon.com/Richer-Wiser-Happier-Greatest-Investors/dp/1501164856?&linkCode=ll1&tag=tipnetwork-20&linkId=178a49c7c9cfbf9e85fe8f04e22b55a8&language=en_US&ref_=as_li_ss_tl">⁠⁠⁠⁠⁠⁠read the reviews of this book⁠⁠⁠⁠⁠⁠</a>.</li>
 <li>Follow William Green on <a href="https://x.com/williamgreen72">⁠⁠⁠⁠⁠⁠⁠⁠X⁠⁠⁠⁠⁠⁠⁠⁠</a>.</li>
 <li>Related <a href="https://prodcast.io/collections/we-study-billionaires-the-investor-s-podcast-network">⁠⁠⁠⁠⁠⁠books⁠⁠⁠⁠⁠⁠</a> mentioned in the podcast.</li>
 <li>Ad-free episodes on our <a href="https://premium.theinvestorspodcast.com/">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a>.
</li>
</ul>

NEW TO THE SHOW?
<ul>
 <li>Get smarter about valuing businesses in just a few minutes each week through our newsletter, <a href="https://www.theinvestorspodcast.com/newsletters/">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a>.</li>
 <li>Check out our <a href="https://www.theinvestorspodcast.com/we-study-billionaires-starter-packs/">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠We Study Billionaires Starter Packs⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a>.</li>
 <li>Follow our official social media accounts: <a href="https://twitter.com/TIP_Network">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠X (Twitter)⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a> | <a href="https://www.linkedin.com/company/the-investor's-podcast/">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a> | <a href="https://www.instagram.com/theinvestorspodcastnetwork/">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a> | <a href="https://www.facebook.com/TheInvestorsPodcast">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a> | <a href="https://www.tiktok.com/@theinvestorspodcast">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TikTok⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a>.</li>
 <li>Browse through all our episodes (complete with transcripts) <a href="https://www.theinvestorspodcast.com/richer-wiser-happier/">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a>.</li>
 <li>Try our tool for picking stock winners and managing our portfolios: <a href="https://www.theinvestorspodcast.com/tip-finance/">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Finance Tool⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a>.</li>
 <li>Enjoy exclusive perks from our <a href="https://www.theinvestorspodcast.com/affiliates/">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠favorite Apps and Services⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a>.</li>
 <li>Learn how to better start, manage, and grow your business with the <a href="https://www.theinvestorspodcast.com/podcasts/20-best-business-podcasts/">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠best business podcasts⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a>.
</li>
</ul>
SPONSORS
Support our free podcast by supporting our <a href="https://theinvestorspodcast.com/sponsors">⁠sponsors⁠</a>:
<ul>
 <li>
<a href="https://simplemining.io/preston">Simple Mining⁠⁠</a>
</li>
 <li>
<a href="https://financialfreedomreport.org/">⁠⁠Human Rights Foundation⁠⁠</a>
</li>
 <li>
<a href="https://unchained.com/fundamentals">⁠⁠Unchained⁠⁠</a>
</li>
 <li>
<a href="https://www.hardblock.com.au/join/fundamentals">⁠⁠HardBlock⁠⁠</a>
</li>
 <li>
<a href="https://linkedin.com/studybill">⁠⁠Linkedin Talent Solutions⁠⁠</a>
</li>
 <li>
<a href="https://public.com/">⁠⁠Public.com⁠⁠</a> - see the full disclaimer <a href="https://www.theinvestorspodcast.com/richer-wiser-happier/avoid-disaster-w-howard-marks/">⁠⁠here⁠⁠</a>.
</li>
 <li>
<a href="https://aws.com/ai/our-story">⁠⁠Amazon Ads⁠⁠</a>
</li>
 <li>
<a href="https://aws.com/ai/our-story">⁠⁠Alexa+⁠⁠</a>
</li>
 <li>
<a href="https://shopify.com/wsb">⁠⁠Shopify⁠⁠</a>
</li>
 <li>
<a href="https://www.vanta.com/billionaires">⁠⁠Vanta⁠⁠</a>
</li>
 <li>
<a href="https://onrampbitcoin.com/">⁠⁠Onramp⁠⁠</a>
</li>
 <li>
<a href="https://abundantmines.com/Preston">⁠⁠Abundant Mines⁠⁠</a>
</li>
 <li>
<a href="https://joinhorizon.com/?ref=PRESTON">⁠⁠Horizon</a>
</li>
</ul> Learn more about your ad choices. Visit <a href="https://megaphone.fm/adchoices">megaphone.fm/adchoices</a>Support our show by becoming a premium member! <a href="https://theinvestorspodcastnetwork.supportingcast.fm">https://theinvestorspodcastnetwork.supportingcast.fm</a>

Podurama

Home

Trending

Personal

Your Podcasts

New Episodes

My Files

Favourite Episodes

Tags (Folders)

Recently Played

Bookmarks

Followed Playlists

RWH063: Avoid Disaster w/ Howard Marks

We Study Billionaires - The Investor’s Podcast Network

AI Chapters

AI Insights

Reviews