TIP545: The Third Sea Change Has Begun w/ Howard Marks

The Investor's Podcast (We Study Billionaires) - The Investor’s Podcast Network

Stig Brodersen

Education, Investing, Business

4.6 • 3.6K Ratings

🗓️ 14 April 2023

⏱️ 66 minutes

🔗️ Recording | iTunes | RSS

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Summary

Trey Lockerbie invites the renowned Howard Marks, known for establishing Oaktree Capital with $140B in AUM and earning a reputation as an investing legend for his consistent performance, unconventional investments, and insightful memos. In their discussion, Howard shares his views on various topics, including A.I., Bitcoin, and his prediction that the financial markets are undergoing a significant transformation, which he believes is the third such occurrence in his illustrious 50-year career. Howard is the author of several books on investing, including "The Most Important Thing" and "Mastering the Market Cycles," which have been widely praised for their insights into the investment process. IN THIS EPISODE YOU’LL LEARN: 0:00 - Intro. 01:53 - His prediction that the financial markets are entering a Sea Change, the third such event he has seen in his over 50 year career. 02:16 - Why this Sea Change differs from normal market cyclicality. 18:58 - How a more moderate interest rate environment affects global debt and his risk assessments. 36:28 - How studies of Japan influenced his investing philosophies. 48:21 - His thoughts on A.I., Bitcoin, Japan & China. 56:14 - Also included are some of Howard’s personal insights. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members. Related episode: Listen to TIP378: Move Forward With Caution w/ Howard Marks or watch the video here. Related episode: Listen to TIP497: Lessons From Billionaire Howard Marks or watch the video here. Related episode: Listen to TIP073: Billionaire Howard Marks – The Most Important Thing or watch the video here. Visit: Oaktree Capital Management. Howard Marks Memos. Check out: Mastering the Market Cycle by Howard Marks. Check out: The Most Important Thing by Howard Marks. Check out: Mistakes Were Made (But Not by Me): Third Edition: Why We Justify Foolish Beliefs, Bad Decisions, and Hurtful Acts by Carol Tavris. Trey Lockerbie's Twitter. SPONSORS Support our free podcast by supporting our sponsors: River Toyota Range Rover Sun Life SimpleMining The Bitcoin Way Onramp Briggs & Riley Public Shopify Meyka Fundrise AT&T iFlex Stretch Studios Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcript

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0:00.0	You're listening to TI-P.
0:03.2	My guest today is the illustrious Howard Marx.
0:06.7	Howard really needs no introduction, but most know him as the founder of Oak Tree Capital,
0:10.9	which oversees $140 billion in assets under management.
0:14.8	Howard has become an investing legend through his consistent performance, his focus on
0:19.1	contrarian assets, and of course, his memos.
0:22.3	He is also known for his focus on risk management, and his approach to investing emphasizes the
0:27.0	importance of understanding and managing risk in order to generate long-term returns.
0:32.0	He's the author of several books, including the most important thing in mastering the
0:35.8	market cycles, which have been widely praised for their insights into the investment process.
0:40.7	In this episode, you will learn his prediction that the financial markets are entering a sea
0:44.8	change, the third such event he's seen in his over 50-year career.
0:49.6	Why this sea change differs from normal market cyclicality, how a more moderate interest
0:54.1	rate environment affects global debt and his risk assessments, how his studies of Japan
0:58.9	influenced his investing philosophies early on, his thoughts on artificial intelligence,
1:03.7	bitcoin, Japan, China, and some personal insights as well.
1:08.1	So without further ado, I hope you enjoy this masterclass on approaching investing with
1:12.1	humility and self-reflection with the one and only Howard Marx.
1:18.8	You are listening to the Investors podcast where we study the financial markets and read
1:25.8	the books that influence self-made billionaires the most.
1:29.0	We keep you informed and prepared for the unexpected.
1:31.9	Welcome to the Investors podcast.
	...

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