Howard Marks - Oaktree | Investment Conference 2024 | Norges Bank Investment Management

Howard Marks is co-founder and co-chairman of Oaktree Capital Management. From 1985 until 1995, Howard Marks led the groups at The TCW Group, Inc. that were responsible for investments in distressed debt, high yield bonds, and convertible securities. He was also Chief Investment Officer for Domestic Fixed Income at TCW. Previously, Mr. Marks was with Citicorp Investment Management for 16 years, where from 1978 to 1985 he was Vice President and senior portfolio manager in charge of convertible and high yield securities. Between 1969 and 1978, he was an equity research analyst and, subsequently, Citicorp's Director of Research. Howard Marks holds a B.S.Ec. degree cum laude 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 Booth School of Business of the University of Chicago, where he received the George Hay Brown Prize. Mr. Marks is an Emeritus Trustee and member of the Investment Committee at the Metropolitan Museum of Art. He is a member of the Investment Committee of the Royal Drawing School and is Professor of Practice at King’s Business School. He serves on the Shanghai International Financial Advisory Council and the Advisory Board of Duke Kunshan University. He is an Emeritus Trustee of the University of Pennsylvania, where from 2000 to 2010 he chaired the Investment Board.
Annual Investment Conference 2024 - How to become a better investor
To answer this question, we have some of the world’s leading experts, including Marc Andreessen, Angela Duckworth, Annie Duke, Amy Edmondson, Adam Grant, Ole Andreas Halvorsen, Kristin Harila, Greg Jensen, Howard Marks, Michael Mauboussin, Marc Rowan, Robert Wallace, Jean Hynes and Patrick Healy.
We invest on behalf of the Norwegian people. Our goal is to maximise financial return on behalf of both current and future generations. We also want to contribute to the Norwegian asset management industry, so what better topic for our annual conference than: How to become a better investor?
Investment philosophy and strategy
“ Are you confident enough to do contrarian bets and follow your conviction even when they go against the market? Popular opinion is not always correct, but you need to be aware of the ego-pitfall” Malin Norberg, Co-chief Investment Officer Asset Strategies, Norges Bank Investment Management
Building successful investment organisations
“ Talking about psychological safety is easy, especially when things are going smoothly. But when the chips are down and you feel like you are in the storm, that is when you as an individual and we as an organisation are really tested.’’ Patrick du Plessis, Global Head of Risk Management, Norges Bank Investment Management
What characterises the best investors? Psychology
“A good investor combines passionate curiosity with a relentless pursuit of truth, integrating diverse information to gain unique insights. They continuously seek knowledge and creatively connect unrelated data. Be a learning machine.” Andreas Sæle Helland, Associate Portfolio Manager Equities, Norges Bank Investment Management
What characterises the best investors? Behavioural
“ I don’t believe in miracles. Even though they sometimes happen. Great performance comes from working hard, doing the right things, and stop doing the wrong ones. Sounds easy, right?” Bjørn Mannsverk, Mental Coach and Head of the Team Performance Programme, Norges Bank Investment Management
Some speakers have requested not to be included in the recording.
#MarcAndreessen #AngelaDuckworth #AnnieDuke #AmyEdmondson #GregJensen #HowardMarks #MichaelMauboussin #MarcRowan #RobertWallace #JeanHynes #PatrickHealy
#NBIM #NorgesBankInvestmentManagement #oljefondet #annualinvestmentconference #investmentconference #investment #howto

[@amdave76]

I love Howard and could listen to him all day. Just a brilliant thinker and very rational. Perhaps the only billionaire that I would like to have a drink with.

[@fredericorosa7979]

I’ve learned so much with Howard Marks. Thank you!

[@royjones8294]

In a world of Bitcoin and endless penny stock promotion ads on CNBC Howard is a thoughtful anchor to windward.

[@ReflectionOcean]

By YouSum Live 00:00:34 Investment philosophy: Conscious, intentional decisions for above-average performance. 00:02:10 Organization creed: Beliefs, actions, trust define investment approach. 00:03:34 Market efficiency: Difficulty in beating the market, passive vs. active. 00:07:30 Macro forecasting: Limited profitability, deviation from trends crucial. 00:12:00 Risk management: Focus on bad outcomes, not just variability. 00:17:59 Superior returns: Balancing risk for above-average performance. By YouSum Live

[@AlphaCREInvestor]

Exceptional teacher - breaking the complex world of investing into simple and understandable terms. Glad I found HM as a young 25YO looking to break into the world or CRE investment on my own soon, currently working in REPE.

[@mniay]

If you like this talk of his you should read his book "The Most Important Thing". Everything he talked about in this video is part of the book. A small part, I might add.

[@juancarloszelada5767]

Great speech.

[@gregorythompson8627]

Aren't the superimposed bell curves at 16:00 just the same thing the graph already says? Distributions widen as mean increases? Is it a purely visual aid (drawing the gaussians with the same mean and std as defined by the line) with no other added value?

[@iipodtwo4030]

Howard Zeus Marks

[@LeonardoGrigio]

The strong form says that all information including even INSIDE information is included in stock pricing. I think he meant to say semi-strong. There are three levels of efficiency and Chicago or the right school as Fama was there. I misspeak all the time! Perhaps he didn’t study investments as an undergraduate.

[@chuyenpham3336]

Greatttt

[@justinbeghly1435]

What city?

[@MMAoracle]

Oslo

[@vivekshivdasani9521]

Howard is speaking in a manner similar to Winston Churchill when he addressed the US Senate after the attack on Pearl Harbour.

[@Roger-ke2bb]

I love your videos, Forex trading is the best investment one can do right now though stocks are good but ever since I swapped to Forex trading , I've seen so much difference, thank you for your support

[@Maximiliano139]

This will be the best time to invest in forex based on current status

[@LeonardoGrigio]

He makes a brutal mistake by a calling the S&P 500 returns average. At 10% annualized, most investors (&pros) won’t touch this…let alone, say, 13%-18% for longer periods . To get the SPY/VOO/IVV returns one has or accept downside volatility of 50% like 3 March 2009. At some point people have made their money. He’s hooking us with greed. Welp, who wouldn’t want to be above average… lol!

[@donaldharlan3981]

Real estate frauds 🔥

[@toybags]

typical investment gibberish, learned nothing new, tell me something actionable based on current trends. and not readily available on finance/investments textbooks!! the real sharks on wall st make a killing going long or short, yet these guys preach like a 5% return is still acceptable like the old days. lol, u can make 20% gain easy in a few months just following market trends.

[@MrDokuritsu]

You could also lose it easily. Mark's thesis is that over the investment horizons his investors demand, Oaktree will lose, on average, less than its competitors. And hence will outperform.

[@tokhmi2006]

@@MrDokuritsuYou won’t lose money if you’re on top of it. Your claim is like saying that effort is useless, and unlike every other thing in the world, putting effort into making money from the markets will yield no result. This is complete gibberish. In every possible area of life, even in markets, you can outperform if you put time and effort in, regardless of what the experts say.

[@TonyTrupp]

If you thought that was gibberish that says more about you than it does the video. Based on your response, if you want something actionable, then you sound like the kind of person who should just dollar cost average every month into an index fund.

[@anomniscientcat3483]

"20% gains easy", lmao. Long-term, exceptional investors might exceed 15%. Good luck hitting 20% regularly on "market trends."

[@tokhmi2006]

@@anomniscientcat3483 But you don’t need to do it regularly bc for most people investing is passive income, so they can choose when to be more active and when to be less active. If you make a couple investments thst yield 20%, you can take a breather and go back later. For professional investors, because it is their day job, they have to regularly deliver outperformance. That pressure itself is enough to force them into many errors of judgment, which is why cumulatively they end up not being able to return more than 15% like you say.