My guest today is Howard Marks, co-founder of Oaktree Capital, a leading investment manager, and one of the world’s largest distressed debt investors. In our conversation, we discuss takeaways from the market selloff and rapid recovery in 2020, the importance of assessing both quantitative and qualitative factors in markets, and the benefits Howard has realized from a career of writing. I hope you enjoy this great conversation with Howard Marks. 
 
For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.
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Show Notes
[00:03:40] - [First question] - Ideas he has that he feels will stand the test of time
[00:04:39] - Defining the difference between risk and uncertainty and a frame of mind to have around uncertainty as an investor
[00:05:31] - Equity and debt investing as the businesses of what could go right or wrong
[00:07:01] - How exciting equity up runs can lead to analytical blindspots
[00:09:10] - Ways in which the last 18 months stacked up against his market experience
[00:11:57] - Ways we can change our model of the world going forward to avoid a crisis
[00:15:04] - Why psychology is important to consider over data during market extremes
[00:17:46] - Reflections and lessons from discussing the concept of value with his son
[00:27:33] - Spirited disagreements he and his son continue to have about markets
[00:31:46] - What he’s learned about writing well and the utility of doing so
[00:40:39] - Lessons that are better experienced in investing than reading about them
[00:43:35] - Daring to be great and the willingness to be wrong, alone or different
[00:50:24] - Embracing mystery and the joys it can bring
[00:53:28] - The kindest thing anyone has ever done for him