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41 of The Best Podcast Episodes for Howard Marks. A collection of podcasts episodes with or about Howard Marks, often where they are interviewed.

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41 of The Best Podcast Episodes for Howard Marks. A collection of podcasts episodes with or about Howard Marks, often where they are interviewed.

Updated daily with the latest episodes

#431: Howard Marks on the US Dollar, Three Ways to Add Defense, and Good Questions

The Tim Ferriss Show
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Howard Marks on the US Dollar, Three Ways to Add Defense, and Good Questions | Brought to you by LinkedIn Jobs and "5-Bullet Friday." More on both below. 

"Move forward but with caution." — Howard Marks

Howard Marks (@HowardMarksBook) is co-chairman and co-founder of Oaktree Capital Management, a leading investment firm with more than $125 billion in assets under management. He is the author of the books Mastering the Market Cycle: Getting the Odds on Your Side and The Most Important Thing: Uncommon Sense for the Thoughtful Investor, both critically acclaimed bestsellers.

Warren Buffett has written of Howard Marks: "When I see memos from Howard Marks in my mail, they're the first thing I open and read. I always learn something." Marks holds a BSEc degree from the Wharton School of the University of Pennsylvania with a major in finance and an MBA in accounting and marketing from the University of Chicago.

Please enjoy!

This episode is brought to you by LinkedIn Jobs. Whether you are looking to hire now for a critical role or thinking about needs that you may have in the future, LinkedIn Jobs can help. LinkedIn is an active community with more than 675 million members worldwide. LinkedIn screens candidates for the hard and soft skills you’re looking for and puts your job in front of candidates looking for job opportunities that match what you have to offer.

With LinkedIn, you can hire the right person quickly when you need them. And if you need to hire for healthcare or essential services, you can post your jobs for free. When it’s time to find and hire that right person, LinkedIn is here to helpJust visit LinkedIn.com/Tim to get started! Terms and conditions apply.

This episode is also brought to you by "5-Bullet Friday," my very own email newsletter, which every Friday features five bullet points of cool things I've found that week, including apps, books, documentaries, gadgets, albums, articles, TV shows, new hacks or tricks, and -- of course -- all sorts of weird stuff I've dug up from around the world.

It's free, it's always going to be free, and you can subscribe now at tim.blog/friday.

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For show notes and past guests, please visit tim.blog/podcast.

Sign up for Tim’s email newsletter (“5-Bullet Friday”) at tim.blog/friday.

For transcripts of episodes, go to tim.blog/transcripts.

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May 11 2020

1hr 5mins

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Howard Marks, Founder, Oaktree Capital

Alpha Exchange
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As the economic collapse associated with the pandemic enters its second month, it was my distinct pleasure to have Howard Marks, the founder of Oaktree Capital, on the Alpha Exchange. A highly successful investor across many decades, Howard has prudently managed risk through a vast number of market cycles. His assessment of the complex mix of economic, financial and monetary aspects of the coronavirus crisis provides context for factors at work in market prices. A buyer of quickly cheapening assets in the middle two weeks of March, Howard sees a less compelling case on the long side now given the severity of the shock and the challenges to be faced in returning to a full speed economy. Please enjoy this episode of the Alpha Exchange, my conversation with Howard Marks.

May 11 2020

30mins

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Is America The Greatest Country In The World? - Investor Letter Analysis Including Amazon, Howard Marks, & “It’s Time To Build” From Marc Andreessen.

Reformed Millennials - Growth Investing Canada
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Listen on Spotify, Apple, or Google Podcasts.

In this week’s edition of Last Week Tonight, we discuss and analyze a number of recent investor letters. Most notably being what Jeff Bezos published on behalf of Amazon, but also the letter from Andressen Horowitz, Howard Marks, and even the March letter from Sequoia.

If you aren’t in the Reformed Millennials Facebook Group join us for daily updates, discussions, and deep dives into what’s going on in the world right now.

Links Mentioned:

R.I.P Good Times Letter - A slide deck from the now-infamous emergency meeting Sequoia held with portfolio founders in October 2008.

The Coronavirus Black Swan of 2020 - Sequoia’s updated and public version from March 5th, 2020.

It’s Time To Build - Marc Andressen’s take on the current state of innovation from April 18th.

The Amazon Letter to Shareholders. Howard Marks's most recent memo to Oaktree Capital clients, Calibrating. Paul Krugman’s book - Arguing with Zombies: Economics, Politics, and the Fight for a Better FutureBrian Grazer’s books - Face to Face & A Curious Mind

Chart of the week:

www.rt.live - The most recent project from Instagram co-founder, Kevin Systrom. The website tracks the Rt (virality factor) of coronavirus in each specific state.

Prediction*:

1. AMZN is worth $2T before 2021

*informational purposes only, not financial advice - disclaimer at end of the podcast.

Get on the email list at reformedmillennials.substack.com

Apr 20 2020

54mins

Play

#48 Howard Marks – The Most Important Thing

The Wall Street Lab
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Howard Marks is co-chairman and co-founder of Oaktree Capital Management a leading global investment firm with deep expertise in credit strategies, which manages more than $120 billion in assets. Howard is the bestselling author of the two highly influential books: "Mastering the Market Cycle: Getting the Odds on Your Side" and "The Most Important Thing: Uncommon Sense for the Thoughtful Investor". He is also known for his very insightful investor letters, which has been claimed to be must-read material by many well-known investors, including none other than Warren Buffett. Howard holds a B.S.Ec. degree 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 University of Chicago.

“Experience is what you got, when you didn’t get what you wanted” – Howard Marks

In our conversation we discuss:

  • How Oaktree experienced raising and deploying capital during the GFC of 2008
  • The difference between scepticism and negativism
  • The similarities between investing and tennis
  • The rise of passive investing
  • The importance of being a contrarian
  • The mood swings of market participants and how that affects one’s own investment decision
  • Why he writes and what has kept him motivated to write even though his letters once were not as popular as they are today
  • And much more!

“When I see memos from Howard Marks in my mail, they're the first thing I open and read" – Warren Buffett

"Howard is a legendary investor" – Tony Robbins

As always, please do not forget to take 17 seconds to leave us a 5-star review on Apple Podcasts or wherever you get your podcasts from.

Be well and #stayhome!

Luke, Leo & Andy

P.s. The content of this conversation is provided for general information purposes only and does not constitute financial, accounting, legal, tax…. advice. You know the drill, right? If you want to listen to the full disclaimer, just skip through the amazing conversation with Howard, and go straight to the end of the episode and you will be highly entertained.

Apr 16 2020

46mins

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LU 351: How StartEngine CEO Howard Marks Plans to Democratize Fundraising for Entrepreneurs

Leveling Up with Eric Siu
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Raising capital is an essential part of a founder’s journey, and until recently this process has been rife with barriers due to legal restrictions since the Securities Act of 1933. Enter today’s guest, Howard Marks, who has been working to democratize the capital raising space in his capacity as CEO and founder of StartEngine. Howard’s firm helps startups raise capital more easily by utilizing recent Reg D, Reg Crowdfunding, and Reg A Plus legislation, thereby bringing them closer to achieving their dreams. We kick off our chat with Howard hearing about his fundamental mission to help all entrepreneurs succeed and the amazing updates at StartEngine since the last time he came on the show, such as how they have raised over 150 million dollars so far! He talks about the extremely low price point StartEngine sets funding barrier at, before sharing the three things that any company seeking funding should be doing. We get into some of the legalities around capital raising in the history of the US, and Howard reiterates how recent lifts on restrictions is allowing StartEngine to remove the barriers to deal flow for angels. He shares some of the ways he vets new companies looking to raise capital and also talks about common mistakes entrepreneurs make during this process. Our conversation digs a little deeper into Howard’s philosophy of setting an ‘impossibly’ high goal for his company, and he explains how it all fits into the foundational ideas of the American Dream. Our chat winds down with some of Howards most favorite books, useful tools, and an argument for why Tesla is such an inspiring company. Make sure not to miss this great conversation about new developments in the capital raising space!

TIME-STAMPED SHOW NOTES:

[00:41] Before we jump into today’s interview, please rate, review, and subscribe to the Leveling Up Podcast![00:58] The mission at StartEngine and updates on its progress.[03:17] Allowing investors to invest in companies earlier; LiquidPiston’s success story. [05:58] The extremely low bar StartEngine sets funding rounds at.[06:20] The catch: not all companies can drive the excitement that LiquidPiston did.[06:37] Three things any company looking to raise money should do.[08:39] Removing barriers to deal flow (the name of the game in the VC world). [10:05] How regulations to investing implemented in the 1920s were lifted somewhat in 2012.[12:00] The five-week process that companies need to undergo to work with StartEngine. [13:56] How StartEngine vets the value of companies seeking funding.[15:33] Legal red tape to raising money publicly or privately since 1933.[17:09] Newer, more open regulations since 2016 that StartEngine works within.[20:14] Whether funding according to Regulation C could get you sued or not.[23:32] Mistakes many young entrepreneurs make raising capital around work and execution.[25:58] Capital raising, the American Dream, and why StartEngine’s mission is so big.[28:40] The value of having an unattainable vision for reaching further.[30:40] Why the leadership and software at StartEngine outdo their competitors.[31:26] Shattered dreams, raising wrong, and the story of Howard’s work with Sugarfina.[36:35] Where investors can go to buy a business or merge with a company.[40:20] Howard’s favorite book, business tool, and company.

Resources From The Interview:

Leave Some Feedback:

  • What should I talk about next? Who should I interview? Please let me know on Twitter or in the comments below.
  • Did you enjoy this episode? If so, please leave a short review here
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Connect with Eric Siu: 

Apr 13 2020

45mins

Play

20VC: Howard Marks on How COVID-19 Impacts Our Economy, Liquidity and National Debt, Why The Theory of Falling Knives and Market Bottoms is Wrong & Why The Best Investors Are Fundamentally Unemotional

The Twenty Minute VC: Venture Capital | Startup Funding | The Pitch
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Howard Marks is the Co-Founder and Co-Chairman of Oaktree Capital Management, a leading investment firm with more than $120 billion in assets. Prior to founding Oaktree, Howard spent 10 years at The TCW Group, where he was responsible for investments in distressed debt, high yield bonds, and convertible securities. Previously, Howard was with Citicorp for 16 years, where he served as Vice President and senior portfolio manager in charge of convertible and high yield securities. Howard has also written two books, most recently Mastering the Market Cycle: Getting the Odds on Your Side, and it was Warren Buffet who said, “When I see memos from Howard Marks in my mail, they’re the first thing I open and read. I always learn something.”

In Today’s Episode You Will Learn:

1.) How Howard first made his way into the world of finance over 50 years ago? How did not getting an investment banking job change the course of Howard’s life?

2.) What does Howard believe is the fundamental economic crisis occurring today? How does Howard expect liquidity availability to change over the next few years? What analogies of prior downturns and recessions can we look to learn from? How does this downturn differ and align to prior recessions and downturns? What policies would Howard like to see governments enact to prevent the worst-case scenario?

3.) In conditions of such uncertainty, how does Howard think about how to manage and move forward with such volatility? What are Howard's frameworks and mechanisms to analyse crises events like this? Taking the analysis one level further, how bad does Howard believe this could get? If short of The Great Depression, are there scenarios that could lead there? What are the leading signals?

4.) Being proactive, how does today's situation change the mentality and activity at Oaktree? Why does Howard not agree with the notion of "the falling knife"? How does Howard think about market bottoms? How does Howard determine the right insertion point? Why does Howard believe the best investors are unemotional? How can one manage the psychology of catching a falling knife that falls further?

5.) What advice would Howard give to the may millions of working professionals today that have never seen a recession in their professional career? What makes Howard the most nervous when he looks at and assess the landscape today? What does Howard believe is the biggest misconception people believe with regards to the current economic crisis?

Items Mentioned In Today’s Show:

Howard’s Fave Book: Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets

As always you can follow HarryThe Twenty Minute VC and Howard on Twitter here!

Likewise, you can follow Harry on Instagram here for mojito madness and all things 20VC.

Mar 30 2020

25mins

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Ep. 844: Howard Marks Inspiration with Michael Covel on Trend Following Radio

Trend Following with Michael Covel
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Howard Marks Inspiration with Michael Covel on Trend Following Radio.

Feb 24 2020

20mins

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EP71 (Part 9) Knowing What You Don’t know – Howard Marks

Value Investing Podcast
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Knowing What You Don't know in Howard Marks’ book – The Most Important Thing (Link to buy from Amazon: https://amzn.to/2ZYx6rO).

Jan 20 2020

23mins

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20VC: Oaktree Capital’s Howard Marks on The Most Important Skill An Investor Can Have, The Right Way To Think About Price Sensitivity & Where Are We At Today; Take More Risk or Less?

The Twenty Minute VC: Venture Capital | Startup Funding | The Pitch
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Howard Marks is co-chairman and co-founder of Oaktree Capital Management, a leading investment firm with more than $120 billion in assets. Prior to founding Oaktree, Howard spent 10 years at The TCW Group, where he was responsible for investments in distressed debt, high yield bonds, and convertible securities. Previously, Howard was with Citicorp for 16 years, where he served as Vice President and senior portfolio manager in charge of convertible and high yield securities. Howard has also written two books, most recently Mastering the Market Cycle: Getting the Odds on Your Side, and it was Warren Buffet who said, “When I see memos from Howard Marks in my mail, they’re the first thing I open and read. I always learn something.”

In Today’s Episode You Will Learn:

1.) How Howard first made his way into the world of finance over 50 years ago? How did not getting an investment banking job change the course of Howard's life?

2.) Where does Howard think we are in the cycle today? What leads his thinking here? What is it crucial for all investors to remember at any point in the cycle? From a risk distribution and diversification perspective, does Howard believe now is a better or worse time to increase risk?

3.) Having worked through and been at the forefront of some of the most significant downturns of financial markets, what have been Howard's biggest learnings from seeing the booms and busts? How did it impact his investment mindset? At a point in 2008, Oaktree were deploying $600M per week for 15 weeks running, so how does Howard think about when is the right time to be aggressive vs when to pullback?

4.) How does Howard think about and assess his own price sensitivity? If there is one thing Howard wants to know to determine the right price, what is it? How does Howard believe we are seeing pro-risk mindsets alter investors attitude to price? How does Howard think about his right vs wrong and consensus vs non-consensus matrix?

5.) Howard and his Partner, Bruce have a very special relationship, what have they done to foster a relationship of radical intellectual honesty and that environment of safety? What are some things Howard will say to his team to encourage productive disagreement? What to Howard is the most important skill an investor can have is?

Items Mentioned In Today’s Show:

Howard’s Fave Book: Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets

As always you can follow HarryThe Twenty Minute VC and Howard on Twitter here!

Likewise, you can follow Harry on Instagram here for mojito madness and all things 20VC.

Jan 20 2020

32mins

Play

EP70 (Part 8) Patient Opportunism – Howard Marks

Value Investing Podcast
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Patient Opportunism in Howard Marks’ book – The Most Important Thing (Link to buy from Amazon: https://amzn.to/2ZYx6rO).

Jan 05 2020

32mins

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