Hello and welcome. I'm Shane Parrish and this is the Knowledge Project.

Podcast exploring the ideas, methods and mental models that help you learn from the best

of what other people have already figured out. Learn more and stay up to date at fs.blog slash podcast.

On the show today is Howard Marx, the co-chairman and co-founder of Oak Tree Capital Management.

He's authored two books, the most important thing, uncommon sense for the thoughtful investor

and mastering the market cycle, getting the odds on your side. The most famous investor ever,

Warren Buffett, set of Howard, when I see memos from Howard Marx in my mail, they're the first

thing I open and read. I always learn something and you're going to learn something too in this

conversation. While it's wide-ranging, covering how to think better, how to position yourself to get

the odds on your side, a little bit of investing in market cycles, but there's so much more to this.

It's time to listen and learn.

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Shane sent you.

Howard, I'm so happy to get the chance to speak with you over at your memos for years, and this is

exciting. Great. Thank you very much, Shane. It's a pleasure to be here.

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