#338: Howard Marks — How to Invest with Clear Thinking

Howard Marks (@howardmarksbook) is co-chairman and co-founder of Oaktree Capital Management, a leading investment firm with more than $120 billion in assets. He is the author of the new book Mastering the Market Cycle: Getting the Odds on Your Side, and his previous book on investing, The Most Important Thing: Uncommon Sense for the Thoughtful Investor, was a critically acclaimed bestseller. Warren Buffett has written of Howard Marks: "When I see memos from Howard Marks in my mail, they're the first thing I open and read. I always learn something." Marks holds a B.S.Ec. degree from the Wharton School of the University of Pennsylvania with a major in finance and an M.B.A. in accounting and marketing from the University of Chicago.

In this conversation, we discuss:

• How his firm was poised to capitalize on the bubble in 2008 and put massive amounts of capital to work.
• His thoughts on understanding market cycles for making better decisions.
• The three stages of a bull market.
• Newsletters he reads.
• Thoughts on Bitcoin and cryptocurrencies.
• Much, much more...

Studying what Howard says transcends the world of investing—it's really a study in clearer thinking. I hope you enjoy and learn as much as I did!

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