In this episode, William Green chats with multibillionaire investor Howard Marks, the co-founder & co-Chairman of Oaktree Capital Management. Since its launch 30 years ago, the firm has grown into a global powerhouse in alternative investments, with $218 billion in assets. Here, Howard explains how to prosper over decades by avoiding disaster & aiming for “steady excellence;” why he believes “most AI companies will end up worthless;” & why he’s no fan of Bitcoin or gold. What you'll learn here: 00:00:00 - Intro 00:04:40 - Why Howard Marks aims for “steady excellence,” not shooting the lights out. 00:06:37 - What investors should learn from great (& not-so-great) tennis players. 00:13:46 - How to figure out the right “risk posture” for your investment portfolio. 00:20:28 - How he managed to pull off 5 major market calls in the course of his career. 00:29:11 - What makes Bruce Karsh, his long-time partner, a superb investor. 00:32:24 - How specialization can give you a powerful edge. 00:52:49 - How today’s investment environment resembles the dotcom bubble. 00:57:07 - Why Howard expects most AI companies to “end up worthless.” 01:01:18 - Why he’s deeply wary of investing in Bitcoin & gold. 01:04:53 - Why bonds now strike him as a relatively attractive investment. 01:13:37 - How he reached the pinnacle without sacrificing family, friends or hobbies. Transcript & Guest Info: https://www.theinvestorspodcast.com/richer-wiser-happier/avoid-disaster-w-howard-marks/ 💰 Build a life that’s truly Richer, Wiser, and Happier by joining William Green’s RWH Masterclass! Email kyle@theinvestorspodcast.com to join the waitlist. 🤝 Network with like-minded value investors and get new stock ideas by joining the TIP Mastermind Community. https://www.theinvestorspodcast.com/mastermind/ 💎 Explore a new business weekly and decide if it deserves a spot in your portfolio. https://www.theinvestorspodcast.com/intrinsic-value-podcast/ ▶️ Related Episodes: - The SECRET to Maximum Returns: Mastering the Market Cycle by Howard Marks: https://youtu.be/yj7X4P9HOtI - A Sea Change Is Happening: What Worked Then, Won’t Work Now w/ Howard Marks: https://youtu.be/VF56c5jyGy4 - The MOST Important Thing | BIGGEST Investing Lessons From Billionaire Howard Marks: https://youtu.be/hhXbpmdJFro 📖 Books Mentioned: - The Most Important Thing Illuminated⁠ by Howard Marks: https://amzn.to/4rRLiw7 - ⁠Mastering the Market Cycle⁠ by Howard Marks: https://amzn.to/4rU9aPF - ⁠Winning the Loser’s Game⁠ by Charlie Ellis: https://amzn.to/4j2NSvh - ⁠Pioneering Portfolio Management⁠ by David Swensen: https://amzn.to/4iYX7Ne - ⁠Devil Take the Hindmost⁠ by Edward Chancellor: https://amzn.to/4pvtsNP - Richer, Wiser, Happier by William Green: https://amzn.to/48Qj0cL Listen to our episodes here: https://open.spotify.com/show/28RHOkXkuHuotUrkCdvlOP Visit our website: https://www.theinvestorspodcast.com/richer-wiser-happier/ Free PDF: Investing for Beginners: 4 Principles of Stock-Picking: https://www.theinvestorspodcast.com/subscribe-youtube/ ⚠️ 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. #HowardMarks #ValueInvesting #InvestmentStrategy #AlternativeInvestments #WealthBuilding