Ep. 705: Howard Marks Interview with Michael Covel on Trend Following Radio

Michael Covel's Trend Following

Michael Covel

Investing, Business

4.6 • 730 Ratings

🗓️ 26 October 2018

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

My guest today is Howard Marks, an investor, writer and author of “Mastering the Market Cycle: Getting the Odds on Your Side.” After working in senior positions at Citibank early in his career, Howard joined The TCW Group, Inc. in 1985. He led groups within the company responsible for investments in distressed debt, high yield bonds, and convertible securities. After 10 years at The TCW Group, Inc. he co-founded Oaktree Capital Management.

The topic is his book Mastering the Market Cycle: Getting the Odds on Your Side.

In this episode of Trend Following Radio we discuss:

High yield bonds
Financial cycles
Sub prime bubble
Dot-com crash
Continued learning by reading
Risk management
Decision making

Jump in!

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I’m MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I’m proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show.

To start? I’d like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/

You can watch a free video here: https://www.trendfollowing.com/video/

Can’t get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast

My social media platforms:
Twitter: @covel
Facebook: @trendfollowing
LinkedIn: @covel
Instagram: @mikecovel

Hope you enjoy my never-ending podcast conversation!

Transcript

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0:00.0	This is Trend Following Radio, where great thinking comes alive.
0:10.9	Nobel Prize winners, legendary traders, bestselling authors, and the pros that know what drive us irrational human beings.
0:21.2	I am your host, Michael Coval.
0:24.0	Not filtered, raw, honest.
0:27.4	That's my passion.
0:33.5	My guest today probably doesn't need much of an introduction in the world of finance and investing.
0:41.1	Howard Marks, he's an American investor and writer, author.
0:44.2	He got his start early at Citibank, then joined TCW, led the high yield debt group.
0:54.1	In 1995, he left TCW co-founded Oak Tree Capital Management.
0:59.4	In the 2017 Forbes rankings of the wealthiest Americans, Howard was listed as number 374.
1:07.6	And I gave him all the props because that means a net worth of $1.9 billion. Nice job. Big round of applause.
1:17.1	We can all take that is inspiration. One of the cool things that Howard also does, he has these
1:24.2	oak tree memos, and he has been writing these for a long time.
1:29.1	You must go find them online.
1:31.4	Just go search for oak tree memos, the PDFs, some great research in there.
1:36.2	Really a fantastic behavioral aspect that Howard outlines in his memos.
1:43.1	Now, today, primarily our conversation is about his newest book,
1:48.0	Mastering the Market Cycle, Getting the Odds on Your Side. I take Howard through the book
1:53.9	on a wide-ranging tour, plus going back into his early history, so again, we could all be inspired.
2:02.4	Now I must share something quite funny that happened.
2:05.2	My very first question to Howard Marks.
2:08.3	Perhaps one of the most significant investors that I've had on this show, and you will hear
	...

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