Howard Marks is the co-founder of Oaktree Capital Management and author of "The Most important thing" and "Mastering the market's cycles".
In this Q&A he shares his investment wisdom covering these subjects:

00:00 - How to measure the temperature of the markets
00:48 - The danger of weaving a narrative. The case of tech and bitcoin
02:56 - Making money by lending to crap companies
08:26 - The logic behind market calls
11:36 - The value of idiosyncratic positions
12:39 - Dare to be great
17:47 - We don't value quantitative analysis and models
20:00 - Be a sceptic (the case of Bernie Madoff)
20:30 - Learn your lessons inexpensively
23:00 - Success carries the seeds of failure
23:58 - It is all about Balance
25:14 - How to rely (or NOT) on DATA
28:36 - Fixed Income Investing is the Negative Art
29:27 - If we avoid the losers, the winners take care of themselves
30:00 - Know what you don't know & know something other people don't know

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► NOTES:
- The interview has been edited for time, reach and engagement.
- Full credits: Goldman Sachs: https://www.goldmansachs.com

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► Recommended Books:
- The Most Important Thing, by Howard Marks. https://amzn.to/42KZVng
- Mastering the Market Cycles, by Howard Marks. https://amzn.to/3Na5g1L
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