#53 Howard Marks: Luck, Risk and Avoiding Losers

Hello and welcome. I'm Shane Parish, and this is The Knowledge Project, a podcast exploring the ideas, methods, and mental models that help you learn from the best of what other people have already figured out. Learn and stay up to date at fs.blog slash podcast. On the show today is Howard Marks, the co-chairman and co-founder of Oak Tree Capital Management. He's authored two books, The Most Important Thing, Uncommon Sense for the Thoughtful Investor, and Mastering the Market Cycle, Getting the Odds on Your Side. The most famous investor ever, Warren Buffett said of Howard.

When I see memos from Howard Marks in my mail They're the first thing I open and read. I always learn something. And you're gonna learn something too in this conversation. While it's wide ranging, covering how to think better, how to position yourself to get the odds on your side, a little bit of investing and market cycles, but there's so much more to this. It's time to listen and learn. Can you take me back to the financial crisis a little bit and explain Or at least illuminate for me how it is that

Um we had this series of events unfold and You were You're able to have this aha moment. Uh and take advantage of it. What happened? Crises are complicated and it's hard to give a linear

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