169: Unlocking Investment Wisdom - With Howard Marks, Co-Founder of Oaktree Capital Management
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When Warren Buffet singles you out for praise, it might be fair to say you have summited the investment equivalent of K2, Annapurna and Kangchenjunga, the most challenging of mountain peaks!   In a capricious investing world, where success is often transient, reputations easily tarnished and hubris punished, to have not only stayed the course for 55 years, but thrived, built Oaktree Capital into one of the largest investors in distressed securities worldwide and cemented a vast loyal following is extraordinary.

His investment memos written over the years are world class: engaging, lucid and approachable. In this 1 hour conversation, Howard shares some of his most important investing lessons. It’s a conversation everyone interested in investing should hear.

Howard explains, why it’s not what you buy, it’s what you pay that counts, why you need to be contrarian to succeed in investing, why over confidence is the enemy of performance, and  - given the inevitable nature of cycles - why he subscribes to Voltaire’s comment that “history never repeats itself, but man always does”.

And that is before he discusses the role of luck, the future of the US, the “illusion of knowledge”, and much more with one of the investment greats!

​​The Money Maze Podcast is kindly sponsored by Schroders), World Gold Council), LSEG) and IFM Investors).

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