Howard Marks - Oaktree | Investment Conference 2024 | Norges Bank Investment Management

Howard Marks is co-founder and co-chairman of Oaktree Capital Management. From 1985 until 1995, Howard Marks led the groups at The TCW Group, Inc. that were responsible for investments in distressed debt, high yield bonds, and convertible securities. He was also Chief Investment Officer for Domestic Fixed Income at TCW. Previously, Mr. Marks was with Citicorp Investment Management for 16 years, where from 1978 to 1985 he was Vice President and senior portfolio manager in charge of convertible and high yield securities. Between 1969 and 1978, he was an equity research analyst and, subsequently, Citicorp's Director of Research. Howard Marks holds a B.S.Ec. degree cum laude from the Wharton School of the University of Pennsylvania with a major in finance and an M.B.A. in accounting and marketing from the Booth School of Business of the University of Chicago, where he received the George Hay Brown Prize. Mr. Marks is an Emeritus Trustee and member of the Investment Committee at the Metropolitan Museum of Art. He is a member of the Investment Committee of the Royal Drawing School and is Professor of Practice at King’s Business School. He serves on the Shanghai International Financial Advisory Council and the Advisory Board of Duke Kunshan University. He is an Emeritus Trustee of the University of Pennsylvania, where from 2000 to 2010 he chaired the Investment Board.

Annual Investment Conference 2024 - How to become a better investor

To answer this question, we have some of the world’s leading experts, including Marc Andreessen, Angela Duckworth, Annie Duke, Amy Edmondson, Adam Grant, Ole Andreas Halvorsen, Kristin Harila, Greg Jensen, Howard Marks, Michael Mauboussin, Marc Rowan, Robert Wallace, Jean Hynes and Patrick Healy.

We invest on behalf of the Norwegian people. Our goal is to maximise financial return on behalf of both current and future generations. We also want to contribute to the Norwegian asset management industry, so what better topic for our annual conference than: How to become a better investor?

Investment philosophy and strategy
“ Are you confident enough to do contrarian bets and follow your conviction even when they go against the market? Popular opinion is not always correct, but you need to be aware of the ego-pitfall” Malin Norberg, Co-chief Investment Officer Asset Strategies, Norges Bank Investment Management

Building successful investment organisations
“ Talking about psychological safety is easy, especially when things are going smoothly. But when the chips are down and you feel like you are in the storm, that is when you as an individual and we as an organisation are really tested.’’ Patrick du Plessis, Global Head of Risk Management, Norges Bank Investment Management

What characterises the best investors? Psychology
“A good investor combines passionate curiosity with a relentless pursuit of truth, integrating diverse information to gain unique insights. They continuously seek knowledge and creatively connect unrelated data. Be a learning machine.” Andreas Sæle Helland, Associate Portfolio Manager Equities, Norges Bank Investment Management

What characterises the best investors? Behavioural
“ I don’t believe in miracles. Even though they sometimes happen. Great performance comes from working hard, doing the right things, and stop doing the wrong ones. Sounds easy, right?” Bjørn Mannsverk, Mental Coach and Head of the Team Performance Programme, Norges Bank Investment Management

Some speakers have requested not to be included in the recording.

#MarcAndreessen #AngelaDuckworth #AnnieDuke #AmyEdmondson #GregJensen #HowardMarks #MichaelMauboussin #MarcRowan #RobertWallace #JeanHynes #PatrickHealy

#NBIM #NorgesBankInvestmentManagement #oljefondet #annualinvestmentconference #investmentconference #investment #howto

[amdave]

I love Howard and could listen to him all day. Just a brilliant thinker and very rational. Perhaps the only billionaire that I would like to have a drink with.

[mikesmith-njij]

A masterclass by one of the greats. So many books, articles and experience summarized in just 20 minutes.

[carrieVernon]

The distress for banks was a farce; what we have experienced in the past 2 years is a result of a system that has worked incredibly well. The Fed just had to tighten credit to cool the economy.

[chrisfritsch]

For me as one not working in equity the explanation of the efficient market and how to outperform was very eye opening. Thank you.

[ReflectionOcean]

By YouSum Live

00:00:34 Investment philosophy: Conscious, intentional decisions for above-average performance.
00:02:10 Organization creed: Beliefs, actions, trust define investment approach.
00:03:34 Market efficiency: Difficulty in beating the market, passive vs. active.
00:07:30 Macro forecasting: Limited profitability, deviation from trends crucial.
00:12:00 Risk management: Focus on bad outcomes, not just variability.
00:17:59 Superior returns: Balancing risk for above-average performance.

By YouSum Live

[fredericorosa]

I’ve learned so much with Howard Marks.
Thank you!

[royjones]

In a world of Bitcoin and endless penny stock promotion ads on CNBC Howard is a thoughtful anchor to windward.

[JosephGodwillh]

Investments are the roots of financial security; the deeper they grow, the stronger your future will be."

[AlphaCREInvestor]

Exceptional teacher - breaking the complex world of investing into simple and understandable terms. Glad I found HM as a young 25YO looking to break into the world or CRE investment on my own soon, currently working in REPE.

[mniay]

If you like this talk of his you should read his book "The Most Important Thing". Everything he talked about in this video is part of the book. A small part, I might add.

[DSergey-jh]

To make a decision to be more aggressive or more defensive - those decisions are driven by macro forecast - so your investment decisions are often driven by micro forecast.

[Raymondjohn]

I just turned 41 and awfully late to investing with barely any portfolio except my 401k, I have a decent amount of cash saved up and with inflation currently soaring AGAIN, I’m getting worried about retirement, my intention is to retire at 65 atleast, so how best do I maximize my savings of over $500k

[gregorythompson]

Aren't the superimposed bell curves at 16:00 just the same thing the graph already says? Distributions widen as mean increases? Is it a purely visual aid (drawing the gaussians with the same mean and std as defined by the line) with no other added value?

[DonaldMark-nese]

As an investment enthusiast, I often wonder how top level investors are able to become millionaires off investing. I do have a significant amount of capital that is required to start up but I have no idea what strategies and direction I need to approach to help me make over $400k like some people are this season.

[sarawilliam]

I am 53 and retired at 50. 1 thing I did do to retire early was to get out of the 401K and IRA programs. Bought rental real-estate and I am now a Limited Partner in about 1500+ units from collabrative efforts in the fund my estate planner has me invested in. I do not work.

[LeonardoGrigio]

The strong form says that all information including even INSIDE information is included in stock pricing.

I think he meant to say semi-strong. There are three levels of efficiency and Chicago or the right school as Fama was there. I misspeak all the time!

Perhaps he didn’t study investments as an undergraduate.

[LeonardoGrigio]

He makes a brutal mistake by a calling the S&P 500 returns average. At 10% annualized, most investors (&pros) won’t touch this…let alone, say, 13%-18% for longer periods . To get the SPY/VOO/IVV returns one has or accept downside volatility of 50% like 3 March 2009.

At some point people have made their money. He’s hooking us with greed. Welp, who wouldn’t want to be above average… lol!

[vivekshivdasani]

Howard is speaking in a manner similar to Winston Churchill when he addressed the US Senate after the attack on Pearl Harbour.

[toybags]

typical investment gibberish, learned nothing new, tell me something actionable based on current trends. and not readily available on finance/investments textbooks!! the real sharks on wall st make a killing going long or short, yet these guys preach like a 5% return is still acceptable like the old days. lol, u can make 20% gain easy in a few months just following market trends.