Tim Ferriss: Bestselling Author, Human Guinea Pig

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#338: Howard Marks — How to Invest with Clear Thinking

The Tim Ferriss Show

Tim Ferriss is a self-experimenter and bestselling author, best known for The 4-Hour Workweek, which has been translated into 40+ languages. Newsweek calls him "the world's best human guinea pig," and The New York Times calls him "a cross between Jack Welch and a Buddhist monk." In this show, he deconstructs world-class performers from eclectic areas (investing, chess, pro sports, etc.), digging deep to find the tools, tactics, and tricks that listeners can use.

Howard Marks (<a href="https://twitter.com/howardmarksbook" rel="noopener noreferrer" target="_blank">@howardmarksbook</a>) is co-chairman and co-founder of <a href="https://www.oaktreecapital.com/" rel="noopener noreferrer" target="_blank">Oaktree Capital Management</a>, a leading investment firm with more than $120 billion in assets. He is the author of the new book <a href="http://www.amazon.com/exec/obidos/ASIN/1328479250/offsitoftimfe-20" rel="noopener noreferrer" target="_blank">Mastering the Market Cycle: Getting the Odds on Your Side</a>, and his previous book on investing, <a href="http://www.amazon.com/exec/obidos/ASIN/B004U5Q1O0/offsitoftimfe-20" rel="noopener noreferrer" target="_blank">The Most Important Thing: Uncommon Sense for the Thoughtful Investor</a>, was a critically acclaimed bestseller. Warren Buffett has written of Howard Marks: "When I see memos from Howard Marks in my mail, they're the first thing I open and read. I always learn something." Marks holds a B.S.Ec. degree 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 University of Chicago.In this conversation, we discuss:<ul><li>How his firm was poised to capitalize on the bubble in 2008 and put massive amounts of capital to work.</li><li>His thoughts on understanding market cycles for making better decisions.</li><li>The three stages of a bull market.</li><li>Newsletters he reads.</li><li>Thoughts on Bitcoin and cryptocurrencies.</li><li>Much, much more...</li></ul> Studying what Howard says transcends the world of investing—it's really a study in clearer thinking. I hope you enjoy and learn as much as I did!This episode is brought to you by <a href="http://www.inktel.com/tim/" rel="noopener noreferrer" target="_blank">Inktel</a>. Ever since I wrote The 4-Hour Workweek, I've been frequently asked about how I choose to delegate tasks. At the root of many of my decisions is a simple question: "How can I invest money to improve my quality of life?" Or "how can I spend moderate money to save significant time?"<a href="http://www.inktel.com/tim/" rel="noopener noreferrer" target="_blank">Inktel </a>is one of those investments. They are a turnkey solution for all of your customer care needs. Their team answers more than 1 million customer service requests each year. They can also interact with your customers across all platforms, including email, phone, social media, text, and chat.Inktel removes the logistics and headache of customer communication, allowing you to grow your business by focusing on your strengths. And as a listener of this podcast, you can get up to $10,000 off your start-up fees and costs waived by visiting <a href="http://www.inktel.com/tim/" rel="noopener noreferrer" target="_blank">inktel.com/tim</a>. This podcast is also brought to you by <a href="https://helixsleep.com/tim" rel="noopener noreferrer" target="_blank">Helix Sleep</a>. I recently moved into a new home and needed new beds, and I purchased mattresses from <a href="https://helixsleep.com/tim" rel="noopener noreferrer" target="_blank">Helix Sleep</a>.It offers mattresses personalized to your preferences and sleeping style — without costing thousands of dollars. Visit <a href="https://helixsleep.com/tim" rel="noopener noreferrer" target="_blank">Helixsleep.com/TIM</a> and take the simple 2-3 minute sleep quiz to get started, and the team there will match you to a mattress you'll love.Its customer service makes all the difference. The mattress arrives within a week, and the shipping is completely free. You can try the mattress for 100 nights, and if you're not happy, they'll pick it up and offer a full refund. To personalize your sleep experience, visit <a href="https://helixsleep.com/tim" rel="noopener noreferrer" target="_blank">Helixsleep.com/TIM</a> and you'll receive up to $125 off your custom mattress.***If you enjoy the podcast, would you please consider <a href="https://podcasts.apple.com/us/podcast/the-tim-ferriss-show/id863897795?mt=2" rel="noopener noreferrer" target="_blank">leaving a short review on Apple Podcasts</a>/iTunes? It takes less than 60 seconds, and it really makes a difference in helping to convince hard-to-get guests. I also love reading the reviews!For show notes and past guests, please visit <a href="https://tim.blog/podcast/?utm_source=podcast&utm_medium=podcast&utm_campaign=podcast-description" rel="noopener noreferrer" target="_blank">tim.blog/podcast</a>.Sign up for Tim’s email newsletter (“5-Bullet Friday”) at <a href="https://go.tim.blog/5-bullet-friday-1/" rel="noopener noreferrer" target="_blank">tim.blog/friday</a>.For transcripts of episodes, go to <a href="http://tim.blog/transcripts" rel="noopener noreferrer" target="_blank">tim.blog/transcripts</a>.Interested in sponsoring the podcast? Visit <a href="http://tim.blog/sponsor" rel="noopener noreferrer" target="_blank">tim.blog/sponsor</a> and fill out the form.Discover Tim’s books: <a href="http://tim.blog/books" rel="noopener noreferrer" target="_blank">tim.blog/books</a>.Follow Tim:Twitter: <a href="https://twitter.com/tferriss" rel="noopener noreferrer" target="_blank">twitter.com/tferriss</a> Instagram: <a href="https://instagram.com/timferriss/" rel="noopener noreferrer" target="_blank">instagram.com/timferriss</a>Facebook: <a href="https://www.facebook.com/TimFerriss/" rel="noopener noreferrer" target="_blank">facebook.com/timferriss</a> YouTube: <a href="https://www.youtube.com/timferriss" rel="noopener noreferrer" target="_blank">youtube.com/timferriss</a>Past guests on <a href="http://tim.blog/podcast" rel="noopener noreferrer" target="_blank">The Tim Ferriss Show</a> include <a href="https://tim.blog/2020/12/08/jerry-seinfeld/" rel="noopener noreferrer" target="_blank">Jerry Seinfeld</a>, <a href="https://tim.blog/2020/06/26/hugh-jackman/" rel="noopener noreferrer" target="_blank">Hugh Jackman</a>, <a href="https://tim.blog/2020/04/16/jane-goodall/" rel="noopener noreferrer" target="_blank">Dr. Jane Goodall</a>, <a href="https://tim.blog/2018/11/27/lebron-james-mike-mancias/" rel="noopener noreferrer" target="_blank">LeBron James</a>, <a href="https://tim.blog/2020/05/20/kevin-hart/" rel="noopener noreferrer" target="_blank">Kevin Hart</a>, <a href="https://tim.blog/2018/09/07/doris-kearns-goodwin-leadership/" rel="noopener noreferrer" target="_blank">Doris Kearns Goodwin</a>, <a href="https://tim.blog/2015/12/06/jamie-foxx/" rel="noopener noreferrer" target="_blank">Jamie Foxx</a>, <a href="https://tim.blog/2020/10/19/matthew-mcconaughey/" rel="noopener noreferrer" target="_blank">Matthew McConaughey</a>, <a href="https://tim.blog/2017/05/21/esther-perel/" rel="noopener noreferrer" target="_blank">Esther Perel</a>, <a href="https://tim.blog/2020/05/08/elizabeth-gilbert/" rel="noopener noreferrer" target="_blank">Elizabeth Gilbert</a>, <a href="https://tim.blog/2017/12/20/terry-crews-how-to-have-do-and-be-all-you-want/" rel="noopener noreferrer" target="_blank">Terry Crews</a>, <a href="https://tim.blog/2020/08/12/sia/" rel="noopener noreferrer" target="_blank">Sia</a>, <a href="https://tim.blog/2020/10/27/yuval-noah-harari/" rel="noopener noreferrer" target="_blank">Yuval Noah Harari</a>, <a href="https://tim.blog/2016/06/21/malcolm-gladwell/" rel="noopener noreferrer" target="_blank">Malcolm Gladwell</a>, <a href="https://tim.blog/2020/05/27/secretary-madeleine-albright/" rel="noopener noreferrer" target="_blank">Madeleine Albright</a>, <a href="https://tim.blog/2017/03/30/cheryl-strayed/" rel="noopener noreferrer" target="_blank">Cheryl Strayed</a>, <a href="https://tim.blog/2019/02/18/jim-collins/" rel="noopener noreferrer" target="_blank">Jim Collins</a>, <a href="https://tim.blog/2020/11/11/mary-karr/" rel="noopener noreferrer" target="_blank">Mary Karr,</a> <a href="https://tim.blog/2014/10/21/brain-pickings/" rel="noopener noreferrer" target="_blank">Maria Popova</a>, <a href="https://tim.blog/2020/05/15/sam-harris-2/" rel="noopener noreferrer" target="_blank">Sam Harris</a>, <a href="https://tim.blog/2021/01/21/michael-phelps-grant-hackett/" rel="noopener noreferrer" target="_blank">Michael Phelps</a>, <a href="https://tim.blog/2020/01/16/bob-iger/" rel="noopener noreferrer" target="_blank">Bob Iger</a>, <a href="https://tim.blog/2019/10/31/edward-norton-motherless-brooklyn/" rel="noopener noreferrer" target="_blank">Edward Norton</a>, <a href="https://tim.blog/2015/02/02/arnold-schwarzenegger/" rel="noopener noreferrer" target="_blank">Arnold Schwarzenegger</a>, <a href="https://tim.blog/2014/06/24/neil-strauss/" rel="noopener noreferrer" target="_blank">Neil Strauss</a>, <a href="https://tim.blog/2019/09/12/ken-burns/" rel="noopener noreferrer" target="_blank">Ken Burns</a>, <a href="https://tim.blog/2017/08/26/maria-sharapova/" rel="noopener noreferrer" target="_blank">Maria Sharapova</a>, <a href="https://tim.blog/2016/05/29/marc-andreessen/" rel="noopener noreferrer" target="_blank">Marc Andreessen</a>, <a href="https://tim.blog/2019/03/28/neil-gaiman/" rel="noopener noreferrer" target="_blank">Neil Gaiman</a>, <a href="https://tim.blog/2019/10/03/neil-degrasse-tyson/" rel="noopener noreferrer" target="_blank">Neil de Grasse Tyson</a>, <a href="https://tim.blog/2016/09/21/jocko-willink-on-discipline-leadership-and-overcoming-doubt/" rel="noopener noreferrer" target="_blank">Jocko Willink</a>, <a href="https://tim.blog/2020/12/03/daniel-ek/" rel="noopener noreferrer" target="_blank">Daniel Ek</a>, <a href="https://tim.blog/2020/09/08/kelly-slater/" rel="noopener noreferrer" target="_blank">Kelly Slater</a>, <a href="https://tim.blog/2019/11/27/peter-attia-fasting-metformin-longevity/" rel="noopener noreferrer" target="_blank">Dr. Peter Attia</a>, <a href="https://tim.blog/2016/02/10/seth-godin/" rel="noopener noreferrer" target="_blank">Seth Godin</a>, <a href="https://tim.blog/2018/09/25/howard-marks/" rel="noopener noreferrer" target="_blank">Howard Marks</a>, <a href="https://tim.blog/2020/02/06/brene-brown-striving-self-acceptance-saving-marriages/" rel="noopener noreferrer" target="_blank">Dr. Brené Brown</a>, <a href="https://tim.blog/2019/04/09/eric-schmidt/" rel="noopener noreferrer" target="_blank">Eric Schmidt</a>, <a href="https://tim.blog/2020/05/01/michael-lewis/" rel="noopener noreferrer" target="_blank">Michael Lewis</a>, <a href="https://tim.blog/2018/03/08/joe-gebbia-co-founder-of-airbnb/" rel="noopener noreferrer" target="_blank">Joe Gebbia</a>, <a href="https://tim.blog/2018/05/06/michael-pollan-how-to-change-your-mind/" rel="noopener noreferrer" target="_blank">Michael Pollan</a>, <a href="https://tim.blog/2021/03/01/jordan-peterson/" rel="noopener noreferrer" target="_blank">Dr. Jordan Peterson</a>, <a href="https://tim.blog/2017/05/31/vince-vaughn/" rel="noopener noreferrer" target="_blank">Vince Vaughn</a>, <a href="https://tim.blog/2020/04/23/brian-koppelman/" rel="noopener noreferrer" target="_blank">Brian Koppelman</a>, <a href="https://tim.blog/2019/05/07/ramit-sethi/" rel="noopener noreferrer" target="_blank">Ramit Sethi</a>, <a href="https://tim.blog/2020/11/18/dax-shepard/" rel="noopener noreferrer" target="_blank">Dax Shepard</a>, <a href="https://tim.blog/2014/10/15/money-master-the-game/" rel="noopener noreferrer" target="_blank">Tony Robbins</a>, <a href="https://tim.blog/2020/05/18/jim-dethmer/" rel="noopener noreferrer" target="_blank">Jim Dethmer</a>, <a href="https://tim.blog/2020/11/19/dan-harris/" rel="noopener noreferrer" target="_blank">Dan Harris</a>, <a href="https://tim.blog/2017/09/13/ray-dalio/" rel="noopener noreferrer" target="_blank">Ray Dalio</a>, <a href="https://tim.blog/2015/08/18/the-evolutionary-angel-naval-ravikant/" rel="noopener noreferrer" target="_blank">Naval Ravikant</a>, <a href="https://tim.blog/2021/03/08/vitalik-buterin-naval-ravikant/" rel="noopener noreferrer" target="_blank">Vitalik Buterin</a>, <a href="https://tim.blog/2021/03/16/elizabeth-lesser/" rel="noopener noreferrer" target="_blank">Elizabeth Lesser</a>, <a href="https://tim.blog/2019/04/18/amanda-palmer-2/" rel="noopener noreferrer" target="_blank">Amanda Palmer</a>, <a href="https://tim.blog/2021/02/18/katie-haun/" rel="noopener noreferrer" target="_blank">Katie Haun</a>, <a href="https://tim.blog/2017/10/09/richard-branson/" rel="noopener noreferrer" target="_blank">Sir Richard Branson</a>, <a href="https://tim.blog/2020/09/02/chuck-palahniuk/" rel="noopener noreferrer" target="_blank">Chuck Palahniuk</a>, <a href="https://tim.blog/2017/10/18/arianna-huffington/" rel="noopener noreferrer" target="_blank">Arianna Huffington</a>, <a href="https://tim.blog/2015/08/31/the-oracle-of-silicon-valley-reid-hoffman-plus-michael-mccullough/" rel="noopener noreferrer" target="_blank">Reid Hoffman</a>, <a href="https://tim.blog/2017/09/17/bill-burr/" rel="noopener noreferrer" target="_blank">Bill Burr</a>, <a href="https://tim.blog/2015/06/26/whitney-cummings/" rel="noopener noreferrer" target="_blank">Whitney Cummings</a>, <a href="https://tim.blog/2015/05/15/rick-rubin/" rel="noopener noreferrer" target="_blank">Rick Rubin</a>, <a href="https://tim.blog/2020/03/26/vivek-murthy/" rel="noopener noreferrer" target="_blank">Dr. Vivek Murthy</a>, <a href="https://tim.blog/2017/09/09/darren-aronofsky/" rel="noopener noreferrer" target="_blank">Darren Aronofsky</a>, and many more.See Privacy Policy at <a href="https://art19.com/privacy" rel="noopener noreferrer" target="_blank">https://art19.com/privacy</a> and California Privacy Notice at <a href="https://art19.com/privacy#do-not-sell-my-info" rel="noopener noreferrer" target="_blank">https://art19.com/privacy#do-not-sell-my-info</a>.

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#338: Howard Marks — How to Invest with Clear Thinking

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