💰Click here to download your FREE guide to Stop Worrying About Your Finances In 4 Simple Steps: https://www.theinvestorspodcast.com/subscribe-youtube/ 🎧 Listen to our episodes here: https://open.spotify.com/show/28RHOkXkuHuotUrkCdvlOP My guest today is illustrious Howard Marks, founder of Oaktree Capital which oversees $140B in AUM. Howard has become an investing legend through his consistent performance, his focus on contrarian assets and of course his memos. He is also known for his focus on risk management, and his approach to investing emphasizes the importance of understanding and managing risk in order to generate long-term returns. ▶️ RELATED EPISODES: - The Most Important Thing | Biggest Investing Lessons From Billionaire Howard Marks: https://youtu.be/hhXbpmdJFro - Investing In Uncertain Times w/ Joel Greenblatt, Bill Miller, Howard Marks, François Rochon: https://youtu.be/TYVR7LwaevU IN THIS EPISODE YOU’LL LEARN: 0:00:00 - Intro 0:00:37- His prediction that the financial markets are entering a Sea Change, the third such event he has seen in his over 50 year career. 0:10:56 - Why this Sea Change differs from normal market cyclicality 0:19:00 - How a more moderate interest rate environment affects global debt and his risk assessments 0:33:05 - How studies of Japan influenced his investing philosophies 0:42:14 - His thoughts on A.I., Bitcoin, Japan, and China  0:54:12 - And some personal insights as well - Howard Marks Memos: https://www.oaktreecapital.com/insights 🖊️ Access the transcript and learn more about the guest here: https://www.theinvestorspodcast.com/episodes/the-third-sea-change-has-begun-w-howard-marks/ 📖 BOOKS MENTIONED: - Mastering the Market Cycle by Howard Marks: https://amzn.to/3KMohau - The Most Important Thing by Howard Marks: https://amzn.to/3nWHltv - Mistakes Were Made by Carol Tavris: https://amzn.to/40ZcxH9 Disclosure: Some of the links above are affiliate links that we may earn commission from. This helps keep our show going! 😀 💡 OTHER RESOURCES - Seeking Alpha is a crowd-sourced content service for financial markets. Take control of your financial future — Use our link here for a special $140 discount: https://bit.ly/3WG6WU3 ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ABOUT OUR SHOW 🎙  On We Study Billionaires, we interview and study famous financial billionaires including Warren Buffett, Bill Gates, and Ray Dalio. We teach you what we learn and how you can apply their investment strategies in the stock market. 🌍 Website: https://www.theinvestorspodcast.com/we-study-billionaires/  ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ 📚OUR FREE INVESTING COURSES/RESOURCES https://www.theinvestorspodcast.com/tip-academy/ 📊TRY OUR STOCK INVESTING TOOL: TIP FINANCE https://www.theinvestorspodcast.com/tip-finance/ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ❗ DISCLAIMER: This show is for entertainment purposes only. Before making any decisions consult a professional. This show is copyrighted by The Investor’s Podcast Network. Written permission must be granted before syndication or rebroadcasting.