20 October 2025
Howard Marks: how I mastered the markets – my advice from 50 years of investing
Legendary investor Howard Marks, co-founder and co-chairman of Oaktree Capital Management, sits down with Wilf to discuss 35 years of his celebrated investment memos and the timeless lessons they contain from his 50+ year career.
Howard Marks: how I mastered the markets - my advice from 50 years of investing
Marks reflects on his most influential writings – from “Bubble.com” (in January 2000) on the eve of the DotCom bust to “You Can’t Predict, You Can Prepare” (in November 2001) – exploring how cycles, risk, and human behavior continue to shape markets today.
He shares his views on today’s era of optimism, and why he’s relaxed about the valuation of the Magnificent 7 but concerned about the rest of the SP500. He also discusses the lessons of prudence in a long bull run, his scepticism towards gold, why he’s NOT concerned about recent bankruptcies of Tricolor and First Brands, and why successful investing is less about prediction and more about preparation. Marks and Frost also revisit “Sea Change” (Marks’ December 2022 memo) unpacking the shift in interest rate regimes and how investors should recalibrate in a world no longer defined by falling rates.
A conversation rich with history, humility, and hard-earned perspective, this episode distills decades of market wisdom from one of the financial world’s clearest thinkers.
Disclaimer
Nothing in the Master Investor podcast constitutes financial advice. We're here to share ideas and opinions, but you should always seek external independent financial advice before making your own investment decisions.
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Watch the video on The Master Investor Podcast with Wilfred Frost YouTube channel.