Oaktree Capital's Howard Marks on Cycles, Panics & Valuation (video/audio)

Oaktree's Howard Marks Is Cautious, But Still Investing

Video above: Oaktree's Howard Marks Is Cautious, But Still Investing (February 9, 2017). Howard Marks, co-chairman at Oaktree Capital, discusses his firm's investment strategy and the importance of using caution as an investor in times of market uncertainty. He speaks with Bloomberg's Erik Schatzker on "Bloomberg Daybreak: Americas." (Source: Bloomberg)

Oaktree Capital's Howard Marks on Cycles, Panics & Valuation (podcast audio here): Barry Ritholtz interviews Howard Marks of OaktreeCapital.com, for Bloomberg's Masters in Business (MIB) podcast series. Ritholtz last interviewed Marks in July 2015 for MIB (interview here).

Marks and his partners formed Oaktree Capital in 1995 with a focus on high-yield bonds, distressed debt, private equity, and other credit based strategies. Oaktree currently manages 22 separate debt funds, totaling over $100 billion dollars in assets under management. Oaktree's 17 distressed funds' returns have averaged over 19% per year (after fees) over the past 22 years.

Ritholtz has noted that "Marks had the foresight to set up an 11 billion dollar distressed fund (7B) raising capital from March 2007-08. By June 2008 they had called 12% of it; following the collapse of Lehman Brothers on September 15th 2008, they began putting half a billion dollars per week to work in the credit marks. They finished the year about 70% invested, deploying 6.5 billion dollars by years end."

“All you had to do to make money in the crisis – was have money to spend and the nerve to spend to it. You didn’t need caution, conservatism, risk control, patience selectivity, discipline, any of those things. All you needed was money & nerve. But not all the time, because sometime money and nerve will get you killed. One of the keys to investing is to know which is which.”--Howard Marks

Marks may be best known for his Chairman’s Memos that he has been writing since 1990, noting that he spent the first decade printing them, inserting them into envelopes and physically mailing them off into the world, with zero response. Finally, with his January 2000 letter “Bubble.com,” there appeared to be evidence that people were actually reading them. At Warren Buffett’s urging, Marks wrote the book The Most Important Thing.
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Domain Mondo Editor's Note: last MacroView post (Feb 16, 2017) at least for awhile.

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Interview With Professor Burt Malkiel, A Randown Walk Down Wall Street

Interview With Burt Malkiel: Masters in Business (Audio) by Bloomberg View

Interviewed by Barry Ritholtz, Burton Malkiel is Chairman’s Professor of Economics at Princeton University. Professor Malkiel served as a member of the Council of Economic Advisers (1975–1977), president of the American Finance Association (1978), and Dean of the Yale School of Management (1981–1988). He was a director for the Vanguard Group vanguard.com for 28 years. Currently, he is Chief Investment Officer to software-based financial advisor, Wealthfront wealthfront.com. He is best known for A Random Walk Down Wall Street, now in its 11th edition, with over 1.5 million copies sold.

Malkiel discusses a wide range of topics from how he urged the creation of index funds to why “a blindfolded monkey throwing darts at a newspaper’s financial pages could select a portfolio that would do just as well as one carefully selected by the experts.”

Particularly interesting for all types of investors, traders, marketers, sellers, and buyers, are Professor Malkiel's comments about pricing and prices, markets and valuations, including in the context of the dot-com bubble. Audio release date: 25 May 2016

Investing: A Random Talk With Malkiel - Bloomberg Gadfly: "... Are high-dividend stocks more risky than bonds? Traditionally, yes. If you look in terms of traditional risk measures, they are more risky, but in my view investors are going to be much better off. 
You famously wrote that a blindfolded chimpanzee could select a portfolio that would do as well as any expert. How do you reconcile that view with Buffett’s long-standing success as a stock picker?
Warren Buffett has in his will instructed his widow to invest in index funds, which means that’s what Warren Buffett would do.
How do you invest your money? 
I invest my own money largely in index funds."

2/ Decided I wanted to work on Wall St, so I picked up Burt Malkiel's "Random Walk..." & got my hands on all Buffett's investment letters

— Anthony Scaramucci (@Scaramucci) February 29, 2016

Youtube video of Dr. Burton Malkiel: what an individual investor should be doing in the event that their investment portfolio is underperforming in the short term (published Aug 26, 2015).

Burton Malkiel is still an indexing fan, but a ‘smart beta’ skeptic https://t.co/e1adrP7wwI via @WSJ

— DrivingTheDay (@DrivingTheDay) May 28, 2016

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Barry Ritholtz Interviews Jack Schwager, author of Market Wizards (Audio)

Masters in Business: Market Wizards by Jack Schwager (Audio) by Bloomberg View:



Barry Ritholtz interviews Jack Schwager.

Great advice for any kind of investor--well worth taking the time to listen to the whole interview:

Barry: hold "strong opinions, loosely held"

Jack Schwager, author of “Market Wizards: Interviews With Top Traders.” More than 25 years after the first book was published in 1989, the series remains one of the most widely read books on Wall Street trading desks.

There are consistent themes found in Schwager’s interviews: discipline, risk management and capital preservation, intellectual flexibility, personal responsibility and honest self-appraisal. William Eckhardt, who famously debated with Richard Dennis about whether trading could be taught, summed up many of these rules with the quote: “Amateurs go broke taking large losses, professionals go broke taking small profits.”


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