This guy has taught me so much about the ins and outs of risk management. The more I watch and read from him, the more I learn. Love his sense of wit too
Good interview as it covers the timeline of Mr Mark's career and how he learned from his experience as time went on...His books are required reading for serious investers...
Holding the Nifty 50 from 1969 until today wouldn't have worked out very well, but if you bought in 1970 after Walmart IPO you would have outperformed the market by nearly 4x just because of Walmart
Money center banks => modern alt & traditional managers. 1969 - post-graduate, Citi equity research 1978 - conv bonds and hy 1988 - distressed debt fund w/ Bruce Karsh. 1991 - 45% IRR despite recession, LBO bubble crash. 1995 - started Oaktree. Dispute w/ TCW on carry split. Early 2000s, unsatisfactory stock performance, int rates slashed and bonds yield low => on-slash of funds towards ALT managers
Mandatory first 10 mins of each Howard Marks interview. Studied Wharton, junk bonds, nifty fifty, and so on. Next time someone interviews Howard just skip that please 😅
Lol... you're spot on. I just like how HM has deliberately defined, refined and redefined his investment philosophy over time. Such a patterned professional.
Small innocent error @59:15. LTCM was formed in 1994 not 1977. The firm lasted about four years before implosion. I am sure HM just slipped for moment. No biggie.
Excellent interview, except for several missteps on the part of Howard Marks at the following: 1) At 2:12 - sanctimoniously corrects interviewer that he attended “Wharton” , not “Penn”. 2) At the end, Howard Marks makes a disgusting joke referencing common dog behavior that cannot be repeated in this forum.
