Howard Marks & Andrew Marks: Something of Value

Acquired

Ben Gilbert and David Rosenthal

Venturecapital, Ma, Investing, Acquisitions, Startups, Vc, Investment, Business, Technology

4.8 • 2.9K Ratings

🗓️ 30 August 2022

⏱️ 90 minutes

🔗️ Recording | iTunes | RSS

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Summary

We sit down with legendary investor Howard Marks of Oaktree Capital and his son Andrew who, while less-well-known, is also an incredibly accomplished investor in a very different arena: early-stage VC. The purpose of the conversation was to discuss their joint work together on Howard’s all-time most popular memo, “Something of Value”, which made the then-shocking argument that Value and Growth investing are not diametric opposites but rather two sides of the same investing coin. We of course dive deep into that, and also cover plenty of fun Oaktree and investing history, as well as Andrew’s favorite topic: selling (or not selling, as the case may be). This is not one to miss!

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‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

Transcript

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0:00.0	All right, I think we figured it out.
0:02.0	Andrew, I think you have a bright future in technology.
0:04.4	I appreciate it. Especially Windows technology.
0:07.7	Yeah, you should invest in some tech startups.
0:10.3	Yeah.
0:28.9	Welcome to this special episode of Acquired,
0:31.5	podcast about great technology companies and the stories and playbooks behind them.
0:35.4	I'm Ben Gilbert, I'm the co-founder and managing director of Seattle-based Pioneer Square Labs,
0:40.0	and our venture fund PSL Ventures.
0:42.3	And I'm David Rosenthal, and I am an angel investor based in St. Francisco.
0:47.6	And we are your hosts. Today, we have two guests with very different investment styles.
0:54.0	A value investor and a growth-oriented tech investor head-to-head,
0:58.8	but not just any investors. We are joined today by the legendary value investor, Howard Marks,
1:05.5	the co-founder of Oak Tree Capital Management, and his son Andrew Marks,
1:09.8	the co-founder of TQ Ventures. Oak Tree, for those who don't know,
1:14.3	is one of the leading investment management firms in the world,
1:18.7	specializing in alternative investments, with $159 billion in assets under management as of
1:25.8	the end of June 2022.
1:28.4	Probably far fewer of you know Andrew and his firm TQ Ventures,
1:33.9	but what they've accomplished so far is pretty equally impressive in a very different field.
1:39.5	So as we'll talk about, TQ is an early-stage venture firm that Andrew and his partners started
1:44.3	about five years ago. They have a billion dollars under management now, including, I think,
	...

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