The Most Important Thing - Origins and Inspirations | Howard Marks | Talks at Google

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  • čas přidán 19. 06. 2024
  • Warren Buffett said "When I see memos from Howard Marks in my mail, they're the first thing I open and read." Howard is the Co-Chairman of Oaktree Capital Management. He is known in the investment community for his "Oaktree memos" to clients which detail investment strategies and insight into the economy. He treats investing as equal parts psychology and finance, and his book The Most Important Thing provides "uncommon sense for the thoughtful investor."

Komentáře • 193

  • @heliowinter
    @heliowinter Před 7 lety +181

    Thank you Google, for doing this for free and avaliable to everyone. AWESOME, Howard Marks is great!

  • @nivagnoswal
    @nivagnoswal Před 8 lety +117

    Excellent lecture, Howard Marks is almost as good a teacher as he is an investor.

    • @kingcountyband
      @kingcountyband Před 4 lety +3

      Probably why he made his money investing and not as a professor. I want to read his books and the ones he's mentioned as well.

    • @wyh194
      @wyh194 Před 3 lety

      All great investors are great thinkers
      And Teachers

    • @braveones7053
      @braveones7053 Před 3 lety

      czcams.com/video/x8ps-ZjkyYI/video.html

  • @231wildy
    @231wildy Před 6 lety +81

    Warren Buffett said "When I see memos from Howard Marks in my mail, they're the first thing I open and read." This is exactly how I feel today. My best few hours spent in my lifetime.

    • @231wildy
      @231wildy Před 6 lety +4

      I rewatch this every few nights. The underlying messages carry so much weight and meaning. Wish i had watched this earlier than to hear out random.... mr-know-all. Investing never easy and was.... never easy to start with

    • @mando8222
      @mando8222 Před 4 lety +1

      That means you better read them first too

    • @christianloewe1902
      @christianloewe1902 Před 3 lety +1

      Oooo

    • @helenkok1360
      @helenkok1360 Před 3 lety

      @@231wildy þþþtþ5t5þtt⁵þtþttþtttþttþþþtþþttttþþþþtþttþttþþþtþþtþþtþtttþttþþþþþtþþþþþþþttþþþtttþttþþþþttþþtþþtþtþþþþþtþtþtþþþþþttþtttþþtþþþþttþþtþþþþþtþþþttþþþþtþtþttþttttþþþtþþþtþþþþþþþþtþþtþþþþþþtþtþttttttþþþþ⁵þþþþþtþtþþþþþtttþþtþþþtþþþþþtþþþtþttþþttþþþþtþtþtþþþtþttþþþþttþtþþtttþtþttþþttþtþþþþtþþþtþþþþttttt5tþtþtttþþþtttþtttttttþþþþtþtþtþþþþtttttttþttþtýtþt5þþþþþþttþttþttttþþþþþttþtþþþtþþtþtþþttttþþþttttþtþþttþþþt⁵þtþþþþþþþþþþþttþtttþttþþttþþþtþttþtþþtþtþþþþþþþttþþþþþt⁵tþþþtþþtttþþþþtþþttþtþþtþþþtþþþttttttttttþtttttþtttþtttþtttþtttttþttþtþttttþttþtttþtþtþþtþþþttþþþþþþþþtþþþtþtþþþþþttþþtþtttttttttþþþþtþþþþþtþtþttþtþtþþþþ5ytþþtþþþþtþþþþt⁵ttþþþþþþþþttþþþþttþþþþþþþþtþþþþþtþþþtþtþþþþþþtþþttþþþþþttþþþþþttþþþþþþþþþtþþtþþþþtþþþþþþþþtþþþttþþþþþtþþþþþþþttþþttþtþþtþþþþtþttþþþþþþtþþþþþþt⁵þtþþþþþþttþþþtþtþtþtþþþtþþttþþttþtþþþttttttþtttþþtþþtþþttþþþþþtþþþþþþþtþþþþttþþþtþþtþþþþttþþþþþtþtþþtþþtþtþþtþtþþtþþþttþþtþttþþt⁵þtttþtþþþtþþþþþtþþþþttþþþþþþþtttþþtþþtttttttþþtþþþþttttttþttþþtþþþþþþþþþtþtþttþþtþtþþþþþtttþtþþtþtþþþþþþþþ⁵tþþtþ4tttþþþþttþþþttttþþttttþtttþþttttþttttttþþþtttttþttþþþþttþttttþtþtttttttþttþþþþtþtþtþttþtþtttttttttþtþtþþþþtþþtþþþþtþþþþtttþþþþtþþ

    • @braveones7053
      @braveones7053 Před 2 lety

      czcams.com/video/wplSh_207Es/video.html

  • @ramnathprabhu4867
    @ramnathprabhu4867 Před 8 lety +25

    What a clarity of thought. Look at the way he explains complex subject with so much ease. Thanks for uploading this video

    • @rossolinger4477
      @rossolinger4477 Před 5 lety +3

      that's how you know he knows what he's talking about

  • @pxy21cwru
    @pxy21cwru Před 8 lety +194

    I've been watching all the videos on this playlist. Is anyone else wondering why these videos do not have millions and millions of views? I mean honestly, there is so much money to be made by these insightful security analyses that all branch off Buffet, Graham, and Dodd's investment philosophies. It's like the world is backwards, because we have these useless music videos that promote hyper consumption garnering millions of views daily, and then whenever gems like these videos are out for the the whole entire public to use, not even 100,000? Same thing goes with the Yale Courses, the MIT OPENCOURSWEARE, the Stanford Graduate School Business videos. I guess value investing applies to personal development as well!

    • @needviola
      @needviola Před 8 lety +15

      +Peter Yoon don't share them. The more value investors, the less it works....

    • @ArunRamakrishnan
      @ArunRamakrishnan Před 8 lety +5

      +Zach Dellinger Knowledge shared nevers yields less. If Linus thought the same way, we wont have Linux today :)

    • @needviola
      @needviola Před 8 lety +1

      +Arun Ramakrishnan Think your right. Besides, every time I try to explain to someone that can buy a dollar for 50 cents, 9 xs out of 10 there eyes glaze over. People are wierd....

    • @ArunRamakrishnan
      @ArunRamakrishnan Před 8 lety +8

      Well most of the crowd wants to buy the hot dollar at $5 and want 10X returns in 1 week :) In fact 6 months is loong term investing for them. So talking abt Seth Klarman or Howard Marks is a lost cause :)

    • @lekabros
      @lekabros Před 8 lety +1

      +Peter Yoon By definition, to make money, there should be many that are wrong.

  • @Devrhoid
    @Devrhoid Před 6 lety +26

    Definitely getting that book. I mean really look at the points. I have always heard about Howard but I am just now getting to his Investment Philosophy. I've been going through Joel Greenblatt, Peter Lynch, Guy Spier and Mohnish's stuff. Thank you Investor Archive.

  • @viratrana
    @viratrana Před 3 lety +2

    What a privilege to get to hear these lectures..

  • @adavayya
    @adavayya Před 7 lety +22

    Thanks to Google for these talks. Howard Marks' memos have many life lessons and teach more than just investing. His book "The Most Important Thing" is a must read for everyone.

  • @KhamPisethOfficial
    @KhamPisethOfficial Před 4 lety +7

    This video deserves more views. Great content from the man who has a vast experience.

  • @tuepham3293
    @tuepham3293 Před 4 lety +3

    Wow, I didn't expected this much of insights and wisdoms from Howard Marks. Thank Google for arranging this incredible talk !

  • @NEYHIUM
    @NEYHIUM Před 9 měsíci +1

    A diamond lecture, thanks Google for do this accesible for all people!

  • @chicjelly
    @chicjelly Před rokem +1

    Most unpretentious yet intense and punchy like hack though softly delivered. I have to pause every now and then to stomach and take it in, feeling stricken to the core. I think he'd also make a great obi wan kenobi in Star Wars, if given a hoodie! I can listen to him all day.

  • @MrBloody32
    @MrBloody32 Před 9 lety

    Read the book around Christmas time and really enjoyed it. I wish he did more public speaking, there are only a handful of lectures on CZcams.

  • @phamhoaU2BE
    @phamhoaU2BE Před rokem

    Thank you Howard for the wonderful presentation and Google Talks for organizing this. ❤❤❤❤

  • @nobertstanel9428
    @nobertstanel9428 Před 5 lety +3

    Listened to his speech in India over 20 times again and again, and il keep doing it with this one as well, because these are the fundamental truths of investing, incredibly valuable - Thank You.

  • @vijaysanjyot
    @vijaysanjyot Před rokem +1

    One of the most important investor lessons I learned today.

  • @tactical-offset
    @tactical-offset Před 2 lety +2

    Phenomenal investor. He knows how evaluate a business and he looks for when the crowd is running from businesses so he can buy businesses.

  • @modesto885
    @modesto885 Před 7 lety +19

    This talk was one of the best i've heard in a while. Is there a way i can upvote this video 3times per one click?

  • @TheMCL2
    @TheMCL2 Před 4 lety +3

    The entire video is good but the Q&A was very insightful.

  • @danielzha7826
    @danielzha7826 Před 6 lety +1

    Insightful and eye-opening talk.

  • @LemmingAttack
    @LemmingAttack Před rokem

    Excellent introduction, it really sets my expectations for this talk.

  • @ArunRamakrishnan
    @ArunRamakrishnan Před 8 lety +13

    Wow what a talk. Thanks for arranging this Google :)

  • @mxolisijaydlamini441
    @mxolisijaydlamini441 Před 2 lety

    Growth Showing grace. Love these . Danko!

  • @vitolazlo5767
    @vitolazlo5767 Před 2 lety +1

    These ideas and teachings by Mr. marks, can also be applied to life in general. Our process for decision making. Some, of the hardest investment decisions that I have made, made me the most money.

  • @vtvprem
    @vtvprem Před 7 lety +2

    Very good learnings for budding investors.

  • @cv0669
    @cv0669 Před 2 lety

    So good - can’t wait to dig into the audiobook

  • @LarryJ2012
    @LarryJ2012 Před 3 lety

    What a great teacher.

  • @choi9418
    @choi9418 Před rokem

    40:00 I want to be above the middle on a consistent basis over the long term. We want to be a little bit above the middle all the time. We think that over a long period of time we will be very respectable that way.
    Thank you for great videos!

  • @n.d8001
    @n.d8001 Před 7 lety +1

    brilliant talk, thank you

  • @woodstockenvy4666
    @woodstockenvy4666 Před 4 lety

    Superb .. thank you for sharing this ..

  • @rossolinger4477
    @rossolinger4477 Před 5 lety

    This is absolutly golden

  • @tobefreeandfly1549
    @tobefreeandfly1549 Před 4 lety +1

    What a great lesson...Howard Marks is awesome!

  • @adriancline-bailey3301
    @adriancline-bailey3301 Před 8 lety +12

    Honestly, I got gems about life as well as pragmatic investing. Ha. Great guy!

  • @rakeshrout8739
    @rakeshrout8739 Před 5 lety +1

    Great lessons

  • @saurabhbcn
    @saurabhbcn Před 5 lety +1

    Amazing talk!!!

  • @chrispedersen2526
    @chrispedersen2526 Před 11 měsíci

    This was incredible! Glad I found this gem. Hopefully price sensitive investing pays off for me. Think I learned my lesson buying high in 2021, whoops! Not doing that again.

  • @mr12aT
    @mr12aT Před 8 lety +12

    "In the end buyers took out the biggest mortgage possible given there incomes and prevailing interest rates, such mortgages would land then in the houses of there dreams and will leave them there as long as conditions did not deteriorate which they invariably do"

  • @novrehus
    @novrehus Před 6 lety +6

    30:00 and the minutes that follow. Take notes.

  • @antonycarles1499
    @antonycarles1499 Před 2 lety

    full of gems and insights

  • @landi2244
    @landi2244 Před rokem

    "You should not act as if the things that should happen, are the things that will happen" . Thats deep.

  • @sujalkoirala3675
    @sujalkoirala3675 Před 5 lety +1

    There is sth called the uncertainity principle in physics too. You can't measure the position and momentum at the same time with very high accuracy.

  • @Texas80
    @Texas80 Před 5 lety +1

    I need to get his book.

  • @ankurbamne7155
    @ankurbamne7155 Před 6 lety

    Great talk

  • @Selfmadetitans
    @Selfmadetitans Před 5 měsíci

    Thank you

  • @omar1003ramo
    @omar1003ramo Před 4 lety

    Que aula desse investidor , Thanks Google

  • @QuantApplicantMattKulis

    great tennis analogy, hitting winners vs consistently avoiding losers

  • @techchase5420
    @techchase5420 Před 5 lety

    Excellent philosophy

  • @dtdrwo
    @dtdrwo Před rokem

    great investor with great philosophy.

  • @corylowe5557
    @corylowe5557 Před rokem

    Awesome video

  • @chiawildy563
    @chiawildy563 Před 3 lety

    This is still the most important thing.

  • @theclashcalling_
    @theclashcalling_ Před 7 lety

    I was hoping for the Welsh hash smuggler!

  • @yakultum
    @yakultum Před 4 lety

    Really good

  • @vipingupta3694
    @vipingupta3694 Před 2 lety

    Genius, absolutely Genius

  • @manishchandak5019
    @manishchandak5019 Před 2 lety +1

    10:42 Decisions Under Uncertainty: Drilling Decisions by Oil and Gas Operators
    Book by C. Jackson Grayson

  • @deepak2012able
    @deepak2012able Před 2 lety +1

    Thanks 🙏💯💎

  • @Pathfinder_tua
    @Pathfinder_tua Před 5 lety +5

    The man is great

  • @jasonjstdr
    @jasonjstdr Před 3 lety

    Lecture clearer than his book

  • @williamjenkins7562
    @williamjenkins7562 Před 2 lety +1

    The secret to success is to get it right ounce and allow compound interest to be reinvested over time.

  • @ramnarayan9768
    @ramnarayan9768 Před 4 lety +2

    Clarity of thoughts

  • @guillermocrespo8144
    @guillermocrespo8144 Před 6 lety

    Great

  • @shraddhanjalisoni1161
    @shraddhanjalisoni1161 Před 6 lety +1

    howard marks is genius

  • @normantingee
    @normantingee Před 4 lety

    thank you google and thank you howard mark

  • @frankmathews1358
    @frankmathews1358 Před 3 lety +2

    He is really good at explaining finance. #kiss

  • @DocworldAcademy
    @DocworldAcademy Před 7 lety

    Very Practicle Way to making money on Investment.

  • @getstarted7168
    @getstarted7168 Před 2 lety

    52:52 good question.

  • @TedMinnesota
    @TedMinnesota Před 9 lety +2

    What date was this presentation given? Thanks.

    • @tburnstead
      @tburnstead Před 9 lety +3

      The title slide says March 27, 2015

    • @leeongsen3276
      @leeongsen3276 Před 9 lety

      Ted e i think the presentation was given before Dec 18, 2014 this is because based on the latest howard memo :"The Lessons of oil" www.oaktreecapital.com/memotree/The%20Lessons%20of%20Oil.pdf
      he mention:
      For the last 3½ years, Oaktree's mantra has been "move forward, but with caution". For the first time in that span, with the arrival of some disarray and heightened risk aversion, events tell us it's appropriate to drop some of our caution and substitute a degree of aggressiveness

  • @cliffkuo3787
    @cliffkuo3787 Před 2 lety

    somehow I played this video every night

  • @JCResDoc94
    @JCResDoc94 Před 9 lety +8

    16:16 You Can Not Survive On Average

  • @domtoretto3122
    @domtoretto3122 Před 2 lety

    The most important thing is family

  • @dadcannabis1924
    @dadcannabis1924 Před 9 lety +2

    the most important thing is change and staying the same

  • @josereydabalos185
    @josereydabalos185 Před 4 lety

    in every light dat are night.in the middle of the night they are many star to eye many one.tomorow is tomorow...

  • @ankalaakhilesh7821
    @ankalaakhilesh7821 Před 5 lety

    how is the one who conducted the interview? anyone knows his name pls????

  • @tomlxyz
    @tomlxyz Před 4 lety

    Aren't forecasts in economics hard because everyone's forecasts are already priced in?

  • @dada01ish
    @dada01ish Před 3 lety

    9:18 Both sentences mean exactly the same.

  • @Jacob930321
    @Jacob930321 Před 3 lety

    45:50 Q&A

  • @staciarine
    @staciarine Před 4 měsíci

    Nowadays is almost impossible to find good securities at fair prices. Everything is just so expensive.

  • @youbian
    @youbian Před 6 lety +2

    - You make no money doing the things everybody wants to do / you make money by doing the things nobody wants to do that then turn out to have value.

  • @iceyred6668
    @iceyred6668 Před 2 lety

    Saraha's Father was Abraham and Saraha's Mother was Sarah //nd.D english zion

  • @user-bj9sw7bz5g
    @user-bj9sw7bz5g Před 5 lety +1

    34:50

  • @gaulindidier5995
    @gaulindidier5995 Před 6 lety +4

    Somebody has to find out why people have a propensity to cough more during conferences, shows and gathering involving sitting down...

    • @tomlxyz
      @tomlxyz Před 4 lety

      I think it has to do with not speaking themselves for a long time

  • @TeriyakiTofu
    @TeriyakiTofu Před 4 lety +2

    its amazing this guy still has a career

    • @---hz3sy
      @---hz3sy Před 3 lety

      Jesse if you dont like him su

  • @jholid6y
    @jholid6y Před 2 lety

    Google is probably very uncomfortable when a guy says ‘I don’t know’.

  • @cmlon
    @cmlon Před 5 lety

    厲害!

  • @Lenny1337i
    @Lenny1337i Před 3 lety

    48:26 this aged sooo well with oil futures for US at -20 Dollars in march haha

  • @haipengli4769
    @haipengli4769 Před 5 lety

    You gotta survive on bad days.

  • @robertwnorrisii9143
    @robertwnorrisii9143 Před 2 lety +1

    He's a mean guy that Nassim Taleb. He Blocked me for asking questions about his Maths process. Bummer.

  • @BARAKDANIELI
    @BARAKDANIELI Před 11 měsíci

    ארשום בעברית בכוונה- אמליץ לדוברי העברית ולישראלים להקשיב להרצאות הללו בקשב רב ,מעניינות,מדוייקות ואכן משקפות הרבה מציאות ,ברק דניאלי

  • @CesarOrille
    @CesarOrille Před 2 lety

    Thanks Google.

  • @josereydabalos185
    @josereydabalos185 Před 4 lety +1

    keyfile:1001235857-format=xlsx-output=xlsx.Api_key=3265267457.

  • @martingenet8799
    @martingenet8799 Před 3 lety

    11 min in

  • @eleojimenez6398
    @eleojimenez6398 Před 4 lety +1

    30:00

  • @mooose2
    @mooose2 Před 2 lety +1

    I love Howard Marks....he's one of my favorites for investment philosophy.....but i just gotta point something hypocritical out that ppl his age don't understand......at 7:12.... he talks about hist first job at citibank in the finance industry in 1968.... he's says jokingly it was "12.5-14.0 a year...not a month"........the crowd laughs........according to the cpi index....he had the purchasing power of 100k-117k per year in todays world......even in 2015 when this video was made...that salary would've given him 85k-95k purchasing power during 2015

  • @TheSolidsnake2001
    @TheSolidsnake2001 Před 8 lety +3

    Fool by Randomness by Nasim Nicholas Taleb. Either Most important badly written book, worse written most important book. Agreed. It's a badly written book. ;)

  • @josereydabalos185
    @josereydabalos185 Před 4 lety

    if you study not being to learning becoz study is none of your duty..like you one me..becoz alot of learning is a big problem all are needs becoz you work for everything..but all are desame what are being is you one me_1+1+1=all- one.but the true is 3/tree is many year in one day all harvest in same 1.is all.

  • @TranDoan_1991
    @TranDoan_1991 Před 2 lety

    39'15

  • @TranDoan_1991
    @TranDoan_1991 Před 2 lety

    12'50

  • @candyfloss184
    @candyfloss184 Před 3 lety

    Inaudible == Saurabh ( Indian name)

  • @m4ni5h
    @m4ni5h Před 3 lety

    45:30

  • @gertrudesmadrigal4908

    Salamat Po alam ko Po na Wala akong karapatan dahil mahirap lang ako salamat Po

  • @billtomson7514
    @billtomson7514 Před 5 lety

    So is he teaching or selling?