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howard marks is the co-founder and co-chairman of oaktree capital management the largest investor in distressed securities worldwide marx is admired in the investment community for his memos which detail his investment strategies and insight into the economy and are posted publicly on the oak tree website he has also published several books on investing and warren buffett says when i see memos from howard marks in the mail they are the first thing i open and read i always learn something and that goes double for his books howard marks focuses on risk management and says that investors should set investment strategy according to their personal situation and ask themselves whether they worry more about risk of losing money or risk of missing the opportunity marx believes that it's hard to gain an investment advantage through research alone since so many smart people are doing it already the ways to get to the advantage are through better inferring the consequences implied by current company data managing the psychology of investing and assessing the present stage of business and the market cycle marx notes that it is important for investors to admit what they don't know instead of believing something is certain he aims for a high batting average over the home runs funds led by howard marks have produced long-term returns net of fees of over 19 percent per year and he's written two of my all-time favorite books on investing and they're called the most important thing on common sense for the thoughtful investor and mastering the market cycle getting the odds on your side and i'll put a link to those books in the description here are some words of wisdom on investing by howard marks himself enjoy you know i would find myself sitting in a client's office and i would say the most important thing is controlling risk and five minutes later i'd say the most important thing is buying cheap and the five minutes later i'd say that you know the most important thing is is uh knowing where we stand in the cycle or something like that so i wrote this first a memo around 023 uh called the most important thing and then this book and uh you know there are so many things that you have to juggle at the same time to be a good investor that i wanted to share that with people you know and i think i said in the introduction that i am not writing to make investing easy i would rather write to show how hard it is because there are so many things that have to be juggled simultaneously but if you take an area like investing and you try to make it seem easy you're really doing people a disservice if we if we said to people you know you if you really spent some time on it you could do your own dentistry or your own legal work or fix your own car you know we wouldn't be doing people a favor and the same is true with investing for some reason while nobody does their own dentistry or auto repairs everybody thinks they can be an investor and if they're going to try i'm at least going to give them some of the considerations so one of the things in that 21 was knowing where we stand in the cycle now i think there are two among the 21 most important things i think two are really the most important except for the others and and they are number one risk and controlling risk because i think that re controlling risk is the mark of a professional anybody can make money when the market goes up and most of the time the market goes up and anybody who in who takes above average risk can do above average when the market rises so achieving returns is not a point of distinction in good times in my opinion the distinction of a superior investor is achieving returns in good times with the risk under control because you never know when the environment is going to shift from favorable to unfavorable and the question is are you prepared you know somebody who if the market's up 10 and you're up 12 and the market's down 10 and you're down 12 you didn't accomplish anything the question is can you make more in the good times than you give back in the bad times and then i think the other thing that's most important is the cycle and where we stand in it i don't believe in predicting the future we never know where we're going we should understand the present and where we are in the present where the market is relative to its cycle tells you something about the odds that govern the future it doesn't tell you what's going to happen tomorrow but i believe that we can only understand since the world is an uncertain place filled with randomness we can't know what's going to happen in the future but those of us who see the world more clearly than others can have a superior understanding for the probability distribution that governs the future which what things can happen which are most likely which are somewhat likely which are unlikely if you have that consistently you are a superior understander and you can be a superior investor so i think the question is what today is the probability distribution that governs the future and one of the things i say in the book which i which i'm happy with is that the future investment performance in particular for me is like a bowl full of lottery tickets you never know which ticket's going to be chosen sometimes the bowl has 70 winning tickets and 30 losing tickets sometimes it has 70 losing tickets and 30 winning tickets wouldn't it be nice to know the difference i think it's possible but you want it when when it's 70 winners and 30 loses you want to go all in you want to invest heavily in aggressive securities and you reach into the bowl or maybe the gods of fate reach into the bowl and they pull out a ticket and it's a loser so you know uh as as my best friend bruce newberg says out in california when we play backgammon which is a game that's dominated by dice there are probabilities and outcomes we can get the probabilities on our side that does not ensure a favorable outcome but it's it's the only thing we can try to do so all right folks please like that video if you enjoyed it and subscribe to my channel if you haven't already so you don't miss any future trading and investing videos thank you so much for watching and until next time take care everybody
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