#338: Howard Marks — How to Invest with Clear Thinking

9/25/2018, 1:45:36 PM , duration(0:0:7)
Business Health Education
<p><strong>Howard Marks</strong> (<a href="https://twitter.com/howardmarksbook" target="_blank">@howardmarksbook</a>) is co-chairman and co-founder of <a href="https://www.oaktreecapital.com/" target="_blank">Oaktree Capital Management</a>, a leading investment firm with more than $120 billion in assets. He is the author of the new book <a href="http://www.amazon.com/exec/obidos/ASIN/1328479250/offsitoftimfe-20" target="_blank"><em>Mastering the Market Cycle: Getting the Odds on Your Side</em></a>, and his previous book on investing, <a href="http://www.amazon.com/exec/obidos/ASIN/B004U5Q1O0/offsitoftimfe-20" target="_blank"><em>The Most Important Thing: Uncommon Sense for the Thoughtful Investor</em></a>, was a critically acclaimed bestseller. Warren Buffett has written of Howard Marks: "When I see memos from Howard Marks in my mail, they're the first thing I open and read. I always learn something." Marks holds a B.S.Ec. degree from the Wharton School of the University of Pennsylvania with a major in finance and an M.B.A. in accounting and marketing from the University of Chicago.</p><p>In this conversation, we discuss:</p><ul><li>How his firm was poised to capitalize on the bubble in 2008 and put massive amounts of capital to work.</li><li>His thoughts on understanding market cycles for making better decisions.</li><li>The three stages of a bull market.</li><li>Newsletters he reads.</li><li>Thoughts on Bitcoin and cryptocurrencies.</li><li>Much, much more...</li></ul><p><br></p><p>Studying what Howard says transcends the world of investing—it's really a study in clearer thinking. I hope you enjoy and learn as much as I did!</p><p><strong>This episode is brought to you by </strong><a href="http://www.inktel.com/tim/" target="_blank"><strong>Inktel</strong></a><strong>. </strong>Ever since I wrote <em>The 4-Hour Workweek</em>, I've been frequently asked about how I choose to delegate tasks. At the root of many of my decisions is a simple question: "How can I invest money to improve my quality of life?" Or "how can I spend moderate money to save significant time?"</p><p><a href="http://www.inktel.com/tim/" target="_blank"><strong>Inktel</strong> </a>is one of those investments. They are a turnkey solution for all of your customer care needs. Their team answers more than 1 million customer service requests each year. They can also interact with your customers across all platforms, including email, phone, social media, text, and chat.</p><p>Inktel removes the logistics and headache of customer communication, allowing you to grow your business by focusing on your strengths. And as a listener of this podcast, you can <strong>get up to $10,000 off your start-up fees and costs waived</strong> by visiting <a href="http://www.inktel.com/tim/" target="_blank"><strong>inktel.com/tim</strong></a><strong>.&nbsp;</strong></p><p><strong>This podcast is also brought to you by </strong><a href="https://helixsleep.com/tim" target="_blank"><strong>Helix Sleep</strong></a><strong>.</strong> I recently moved into a new home and needed new beds, and I purchased mattresses from <a href="https://helixsleep.com/tim" target="_blank">Helix Sleep</a>.</p><p>It offers mattresses personalized to your preferences and sleeping style — without costing thousands of dollars. Visit <a href="https://helixsleep.com/tim" target="_blank"><strong>Helixsleep.com/TIM</strong></a> and take the simple 2-3 minute sleep quiz to get started, and the team there will match you to a mattress you'll love.</p><p>Its customer service makes all the difference. The mattress arrives within a week, and the shipping is completely free. You can try the mattress for 100 nights, and if you're not happy, they'll pick it up and offer a full refund. To personalize your sleep experience, <strong>visit </strong><a href="https://helixsleep.com/tim" target="_blank"><strong>Helixsleep.com/TIM</strong></a><strong> and you'll receive up to $125 off your custom mattress.</strong></p>