Billionaire Howard Marks Lecture on Investment Philosophy, Intrinsic Value and Managing Risk

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A interview and Q&A with billionaire debt investor and founder of Oaktree Capital Management, Howard Marks. In this lecture, Howard discusses his investment philosophy and how he finds a company’s intrinsic value. Howard also talks about how to manage risk and when the market will produce the greatest returns. πŸ“š Books by Howard Marks and his favourite books are located at the bottom of the description❗

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Video Segments:
0:00 Introduction
0:55 Investment philosophy
3:35 What principles do you use when searching for opportunities?
17:12 What kinds of information on securities do you need?
21:09 What kind of investor rationalities do you use?
33:13 What periods lead to greater or lesser returns?
44:16 How do you define and estimate value?
48:52 Factoring all the various elements of an investment?
56:48 Market prices vs intrinsic value?
1:06:57 How do you define and manage risk?
1:12:06 Asset allocation?
1:19:19 Start of Q&A
1:19:28 Outlook on Japan’s bond market?
1:23:40 Role of rating agencies in investment decisions in distressed debt?
1:28:06 Are you a participant in municipal bankruptcies?
1:32:11 Opportunities in power sector?
1:33:18 When a deal did not go your way?
1:36:22 IRR?
1:38:19 The most important thing?

Howard Marks Books πŸ‡ΊπŸ‡ΈπŸ“ˆ (affiliate link)
The Most Important Thing:
Mastering The Market Cycle:

Howard Marks Favourite BooksπŸ”₯
Winning the Loser’s Game:
A Short History of Financial Euphoria:
Fooled by Randomness:

Interview Date: 14th February, 2013
Original Image Source:

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