Episode · Invest Like the Best · 2021-06-22
Patrick O'Shaughnessy & Howard Marks: books mentioned on Invest Like the Best #231
Howard Marks - Embracing the Psychology of Investing - [Invest Like the Best, EP. 231]
My guest today is Howard Marks, co-founder of Oaktree Capital, a leading investment manager, and one of the world’s largest distressed debt investors.
Howard Marks discussed Security Analysis: The Classic 1940 Edition by Benjamin Graham and others, The intelligent investor by Benjamin Graham, and Pioneering Portfolio Management by David F. Swensen.
Books mentioned, in the order they came up
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Security Analysis: The Classic 1940 Edition
Discussed“So, Graham and Dodd in the 1940 edition of security analysis called fixed income investing at negative art. And I think what they meant is that since all 8% bonds, 8%, and if there are 100 bonds of which 90 will pay, it doesn't matter which of the 90 you buy”
Where to get it
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The intelligent investor
The Intelligent Investor by Benjamin Graham is a foundational guide to value investing that teaches timeless principles for analyzing financial markets and purchasing securities with a margin of safety.
Discussed“In other words, you're helping the market to act as a weighing machine, as Ben Graham said, an intelligent investor. But in the short term, it's a voting machine to get a handle on how people are voting and how they're likely to vote in the future”
Where to get it
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Pioneering Portfolio Management
Pioneering Portfolio Management by David F.
Discussed“Dave Swenson, who passed away recently, who ran the endowment at Yale with great effect for maybe 35 years, said in his book, Pioneering Portfolio Management, that investment management requires the adoption of uncomfortably idiosyncratic positions.”
Where to get it
Other mentions in this episode (1) — ad reads, self-promotion and passing references, never counted
Plugged The most important thing
“And if you ever decide to write a book, I'll give you a blurb for the jacket. So I had always been planning to turn the memos into a book when I retired, whenever that would be. But given Buffett's promise, I said, no, this is something I better cash now.”