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20VC: Oaktree Capital’s Howard Marks on The Most Important Skill An Investor Can Have, The Right Way To Think About Price Sensitivity & Where Are We At Today; Take More Risk or Less?

The Twenty Minute VC: Venture Capital | Startup Funding | The Pitch

Release Date: 01/20/2020

20VC: TripActions CEO Ariel Cohen on The Future of Business and Personal Travel & Layoffs; How To Do Them The Right Way & Maintain Company Culture and Morale  show art 20VC: TripActions CEO Ariel Cohen on The Future of Business and Personal Travel & Layoffs; How To Do Them The Right Way & Maintain Company Culture and Morale

The Twenty Minute VC: Venture Capital | Startup Funding | The Pitch

is the Founder & CEO @ , the company trusted by more than 4,000 companies to manage their business travel and expenses. To date, Ariel has raised more than $980M with TripActions from the likes of Lightspeed, Oren Zeev and a16z to name a few. Prior to TripActions, Ariel co-founded StreamOnce, a business multimedia integration platform which was acquired by Jive Software. Prior to StreamOnce, Ariel led Product Management in a senior leadership role at Hewlett-Packard. In Today’s Episode You Will Learn: 1.) How Ariel made his way into the world of tech and came to change the way...

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The Twenty Minute VC: Venture Capital | Startup Funding | The Pitch

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The Twenty Minute VC: Venture Capital | Startup Funding | The Pitch

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The Twenty Minute VC: Venture Capital | Startup Funding | The Pitch

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The Twenty Minute VC: Venture Capital | Startup Funding | The Pitch

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The Twenty Minute VC: Venture Capital | Startup Funding | The Pitch

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The Twenty Minute VC: Venture Capital | Startup Funding | The Pitch

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The Twenty Minute VC: Venture Capital | Startup Funding | The Pitch

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The Twenty Minute VC: Venture Capital | Startup Funding | The Pitch

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The Twenty Minute VC: Venture Capital | Startup Funding | The Pitch

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Howard Marks is co-chairman and co-founder of Oaktree Capital Management, a leading investment firm with more than $120 billion in assets. Prior to founding Oaktree, Howard spent 10 years at The TCW Group, where he was responsible for investments in distressed debt, high yield bonds, and convertible securities. Previously, Howard was with Citicorp for 16 years, where he served as Vice President and senior portfolio manager in charge of convertible and high yield securities. Howard has also written two books, most recently Mastering the Market Cycle: Getting the Odds on Your Side, and it was Warren Buffet who said, “When I see memos from Howard Marks in my mail, they’re the first thing I open and read. I always learn something.”

In Today’s Episode You Will Learn:

1.) How Howard first made his way into the world of finance over 50 years ago? How did not getting an investment banking job change the course of Howard's life?

2.) Where does Howard think we are in the cycle today? What leads his thinking here? What is it crucial for all investors to remember at any point in the cycle? From a risk distribution and diversification perspective, does Howard believe now is a better or worse time to increase risk?

3.) Having worked through and been at the forefront of some of the most significant downturns of financial markets, what have been Howard's biggest learnings from seeing the booms and busts? How did it impact his investment mindset? At a point in 2008, Oaktree were deploying $600M per week for 15 weeks running, so how does Howard think about when is the right time to be aggressive vs when to pullback?

4.) How does Howard think about and assess his own price sensitivity? If there is one thing Howard wants to know to determine the right price, what is it? How does Howard believe we are seeing pro-risk mindsets alter investors attitude to price? How does Howard think about his right vs wrong and consensus vs non-consensus matrix?

5.) Howard and his Partner, Bruce have a very special relationship, what have they done to foster a relationship of radical intellectual honesty and that environment of safety? What are some things Howard will say to his team to encourage productive disagreement? What to Howard is the most important skill an investor can have is?

Items Mentioned In Today’s Show:

Howard’s Fave Book: Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets

As always you can follow HarryThe Twenty Minute VC and Howard on Twitter here!

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