In this engaging podcast, Howard Marks, co-founder of Oaktree Capital, and Guy Spier, founder of Aquamarine Capital, share invaluable investment wisdom with Roi Lipovetzky, a former MBA student and current investment professional at Oakmount Capital.

The conversation explores key principles of successful investing, such as mastering market cycles, second-level thinking, risk management, and the importance of long-term, contrarian positions. Howard reflects on his experience through major market events, while Guy emphasizes the need for emotional discipline and unconventional thinking.

A key theme in their discussion is the importance of being true to oneself, especially in a world that often values conformity. Both Howard and Guy highlight the value of making independent decisions and staying grounded in one’s own principles, rather than trying to please others or follow popular trends.

With years of collective experience, Howard and Guy provide deep insights into the mindset needed for lasting success in investing and life.

Full transcript available here: https://aqfd.docsend.com/view/2nv2iqixj8rm7bb7

Contents:

(00:00) A Journey of Learning: Insights from Howard Marks, Guy Spier an Roi Lipovetzky

(03:20) Focusing on Excellence: Howard Marks on Building Oaktree for the Long Term

(07:19) Writing for Investors, Not for Entertainment

(18:09) Honesty, Risk and Purpose

(27:23) The Value of Fun: Howard Marks on Enjoyment, Work, and Investing

(33:38) Risk, Resilience, and Staying True to Your Principles

(41:12) Closing Reflections: The Power of Truth and Clarity