Howard Marks: Mastering the Market Cycle

Howard Marks' Oaktree Capital (NYSE: OAK) earned billions by investing heavily at the depths of the financial crisis. It may not surprise you to learn that Marks and his team made out huge by investing at a time when everyone else in the market was terrified. It might surprise you much more to know that these are no robots. They were actually quite terrified, too.

Marks' memos, which he has written since 1990, have long been priority reading for some of the best investors in the world -- Warren Buffett has famously said that whenever he sees one in his inbox, that's what he reads first. In 2011 Marks released his first book, The Most Important Thing, which, in direct contradiction with the title, listed 20 things to which the successful investor ought to pay attention. His second book, out this month, is titled Mastering the Market Cycle: Getting the Odds on Your Side.

In this wide-ranging interview with Bill Mann, Marks discussed the words that ought to be banned from an investor's vocabulary, whether who sits in the president's chair matters to investors, how his team prepared and steeled themselves during the financial collapse, and where we currently sit in the market cycle.

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[mikhaillindan]

Howard Marks is an icon, a visionary and a god given talent

[phillipngongo]

I eat everything I come across from Howard. I've learnt so much from him. I'm lucky and grateful.

[Gump-tion]

I'm beginning to realize Howard Marks is my investor role model.

[Kornheiser]

Actually Howard, you can answer: "when will the market change"....some day

[wildy]

Very good read. Many good lessons mentioned and also reiterated. Its a good book to keep on the shelf to read and re-read for the timeless lessons.

[danielneustadter]

great vid, both the interviewer and ee

[andis]

A very good conversation, whatever he said is so true.

[oliverjordan]

Could somebody tell me names in the beggining? Dale svenson and rich pozzini?

[psmith]

I bought the book. Best investment I ever made.

[debugmodel]

Howard mentioned two books in his talking, the second book name is 'Thinking in Bets' by Annie Duke, could someone tell me the first book name? Thanks a lot!

[vsebudithorosho]

I am in the beginning of my studies. Would you recommend taking courses in psychological finance or behavioral finance or is it better to spend that time learning about the history in general, like the specific cases to learn more and try to not make the same mistakes as others?

Thank you for your talk with Howard Marks! Very interesting to learn from people who have been in the business and have so much knowledge.

[Metadom_ai]

13:51
Now the market is precarious so buy more

[urosm]

what would be your long time return (average per year) if you just enter the market (index) after the every 10% correction?

[bkaellner]

Facebook and Fiat-Chrysler are both available now for less than intrinsic value

[Ddnhan]

I feel that the motley fool is a growth investor and not a value investor. So I think is hypocare that they post this video. They don't are about the economy or market. They just said to buy this stock lol. Don't get me wrong I love The motley fool. But I'm not stupid to buy right now.

[alexsleczkowski]

This dudes breathing and weird chewing sounds are killing me

[Zengawolf]

Lol the same guy who warned against investing in FAANG stocks in 1st August 2017

[reversemoustachecat]

This interview is a whole bunch of nothing. Buy when everyone is selling. Wow thanks for the advice man. Did you need this interview

[wantenono]

there is a company that mines for bitcoin that trades on the Nasdaq   MARATHON PATENT GROUP

[Ddnhan]

lmao you never recommended oak tree lol