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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Пікірлер: 49
Howard Marks is an icon, a visionary and a god given talent
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.
I'm beginning to realize Howard Marks is my investor role model.
@MotleyFool
5 жыл бұрын
We're pretty big fans of his too!
I eat everything I come across from Howard. I've learnt so much from him. I'm lucky and grateful.
Great video
A very good conversation, whatever he said is so true.
This video is a gift
wow, that's a great video!
I love this guy
@MotleyFool
5 жыл бұрын
Thanks for watching Bruno!
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!
@zhukzhang
5 жыл бұрын
Factfulness
Great talk
Could somebody tell me names in the beggining? Dale svenson and rich pozzini?
@MotleyFool
5 жыл бұрын
Hey Oliver, this also published as a Fool.com article with a full transcript. You can catch that here: www.fool.com/investing/2018/10/15/howard-marks-why-the-word-when-is-dangerous.aspx
@231wildy
5 жыл бұрын
David Swensen if i m not wrong.
@oliverjordan695
5 жыл бұрын
@@MotleyFool thank you, sir!
great vid, both the interviewer and ee
@MotleyFool
5 жыл бұрын
Thanks Daniel!
Great interview!
@MotleyFool
5 жыл бұрын
Thanks Viny!
Great interview
@MotleyFool
4 жыл бұрын
Thanks Mrs Unbreakable!
what would be your long time return (average per year) if you just enter the market (index) after the every 10% correction?
@johndavis8457
5 жыл бұрын
Uroš M right now most advertised 10 year returns are from spring 2009 to spring 2019. Mainly everything is 10 percent or higher. Most large cap and s and p 500 is like 15% mid cap 15% small cap 15% 10 year annualized returns. These are conservative numbers from index funds
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.
@MotleyFool
5 жыл бұрын
Tough to say -- might be best to follow whatever you're most interested in to start, chances are you'll be more invested in learning that way!
@andis9076
5 жыл бұрын
The best experience is from real trading experience. Each people has different behaviour/emotion. People can read all the book, theory, bla2 but when actually do it, the emotion takes control over logic. Try trade with very small size first where the money doesn't really matter then observe yourself during this transaction. Put note down and what you learn from it and how you can improve it next time. First, play defensive (management risk, stop loss, win-loss ratio, etc) and just survive out there. Once you can survive and able increase your account size, you can increase your trading size slowly that won't affect your emotion. After couple months, you start seeing the pattern, start becoming a routine, a habit, then you feel much relax, stay calm in the storm, logic win over emotion, and this's the time you will perform your best.
@andis9076
5 жыл бұрын
You can start with this video: kzread.info/dash/bejne/pZ15lLqzaNDWpJc.html
This video aged really well
I bought the book. Best investment I ever made.
Facebook and Fiat-Chrysler are both available now for less than intrinsic value
@arnibah
5 жыл бұрын
Bradford Kaellner According to Value Line,you're right.
@bkaellner
5 жыл бұрын
arnibah vanst really? what does it say for intrinsic value?
@arnibah
5 жыл бұрын
@@bkaellner Fiat is projected to be $ 20.00 to $30.00 over the next 5 years and Facebook is projected to be $325.00 to $485.00 over the same period.
@bkaellner
5 жыл бұрын
@@arnibah that doesn't speak to intrinsic value today. Damodaran gives a nice rundown of FB in a recent KZread video, and Pabrai sheds some light on FCAU.
@arnibah
5 жыл бұрын
@@bkaellner Thank you.
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.
13:51 Now the market is precarious so buy more
17:11
Lol the same guy who warned against investing in FAANG stocks in 1st August 2017
@TroySpringer11
5 жыл бұрын
Matt Atkinson the second ... sounds like you don’t understand his message.
@Zengawolf
5 жыл бұрын
Troy Springer yeah 🙂
This dudes breathing and weird chewing sounds are killing me
there is a company that mines for bitcoin that trades on the Nasdaq MARATHON PATENT GROUP
lmao you never recommended oak tree lol
This interview is a whole bunch of nothing. Buy when everyone is selling. Wow thanks for the advice man. Did you need this interview
he is long-term. what he says is nothing