Howard Marks | Is This Time Truly Different When It Comes To Market Cycles

We have an extremely special guest who is a billionaire and investing legend, Howard Marks. Howard really needs no introduction, but if you have not read Howard's memos, you are missing a critical piece of your investing education. Howard has also written some of Trey's favorite books including The Most Important Thing and Mastering the Market Cycles, which they discuss in depth in this episode and much more.

IN THIS EPISODE, YOU'LL LEARN:
00:00:00 - Intro
00:00:14 - Has The Marco Landscape Became Distinct And Unique
00:03:48 - Is This Time Truly Different When It Comes To Market Cycles
00:09:12 - How To Balance Risk Without The Temptation To Time The Market
00:12:06 - Missing The Decline
00:13:12 - Is Howard Marks Seeing Similar Bubble Territory of 2006 In The Recent Market
00:19:51 - Oaktree Motto: Move Forward But With Caution
00:20:52 - 3 Ways To Increase Caution In Investing
00:25:39 - Becoming A More Defensive Investor As You Age And Thoughts About Bonds Today
00:28:55 - Howard Marks Thoughts About Bitcoin Today
00:33:40 - Cost Of Capital
00:45:31 - Howard Marks Evergreen Wisdom About Price And Value
00:52:20 - Does Howard Marks See The Market Weighted S&P500 As A Potential Risk To Retail Investors
00:57:37 - How Does The FED’s Recent Involvement On Corporate Debt Affect Oaktree’s Investment Playbook
01:01:13- Howard Marks Portfolio He Would Leave His Grandchildren

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DISCLAIMER: This show is for entertainment purposes only. Before making any decisions consult a professional. This show is copyrighted by The Investor’s Podcast Network. Written permission must be granted before syndication or rebroadcasting.

[TheInvestorsPodcastNetwork]

I had the incredible privilege of interviewing Howard Marks. He was very generous with his time and knowledge. We talk macro, cycles, bonds, and yes... even #Bitcoin. Does he own any? Find out here. - Trey

[PhoenixReborn-vv]

I am a little worried about growth projections of funds i kept in a HYSA north of $80k, I aim to avoid FOMO and look at buying at the dips. Am I better off investing into Gold as it seems stocks are a little too unstable right now?

[patrickwal]

Am a fan of Howard Marks and this is a great interview! I so appreciate an interviewer that puts his guest center stage and avoids interrupting except to gently nudge the conversation on. Well done!

[lorenzmuller]

Love the caution and clarity of Mr. Marks!

[josephopiekun]

This was a fantastic interview. Thank you for conducting it. Most of the time I see Howard Marks in an interview, the interviewer is interrupting him or trying to get him to bolster some sort of political or economical agenda. This was a pure addition to knowledge.

[nohopeequalsnofear]

I like how humble he is....never acting like a know it all. He admits he doesn't know what the market will do

[dennismorris]

Howard Marks is absolutely brilliant - the one-horse race story was great!

[NathanielLabitag]

Sir Howard's book entitled, "The Most Important Thing Illuminated" should be on every contrarians' top reading list! Thank you for this channel and for sharing sir Howard Mark's timeless wisdom!!

[thaddeus]

Best Howard Marks interview I have ever seen. You let him really detail his investing philosophy.

[bellamarley]

Really good interviewer. No interruptions and very respectful. And asks super intelligent questions

[unrealspetznaz]

Best interview to Howard Marks, ever. Thanks!

[sundarraman]

Superb interview. I am a big Howard Marks' fan.. Loved it.. Lots of wisdom

[SB-yquo]

Great interview. Very good interviewer who gets out of the way and let experience talk.

[tunckar]

I can't thank you enough; it's been a long time since I've listened to a podcast with such a high level of information; everything said was incredibly insightful and enlightening.

[MrKodsine]

Brilliant Howard! 1 hour of wisdom explained in a simple and straightforward way 👍

[Klaster]

These guys with such guests are on a complete different level in comparison with other channels

[manosk]

I love listening to Howard Marks, I like this guy a lot and thank you for bringing you to your program

[sheanathan]

Thank you Howard and Trey. Such sound wisdom in these times.

[mattde]

It always makes me chuckle when Howard says "The most important thing..."
Great episode with greeat questions...

[blessedfold]

Trey you did a fantastic job interviewing Howard Marks. You were the fly on the wall that you were supposed to be and only asked questions to keep the conversation moving forward. My hats off to you and you earned me as a subscriber today.