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AcquiredAug 30, 2022

Howard Marks & Andrew Marks: Something of Value

Summary, books mentioned, transcript quotes, and timestamps for Howard Marks & Andrew Marks: Something of Value on Acquired.

Guests

Howard Marks Andrew Marks

Books mentioned

increasing returns in the new world of business The Most Important Thing Hickman+1 more

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Howard Marks & Andrew Marks: Something of Value mentions increasing returns in the new world of business by Brian Arthur, The Most Important Thing by Howard Marks, Hickman, and Buffett letters by Warren Buffett with timestamps, quotes, and episode context.

increasing returns in the new world of business The Most Important Thing Hickman Buffett letters

3 books from this episode

increasing returns in the new world of business

Brian Arthur

One of my favorite writings on investing, it's not actually about investing, but it's this guy, Brian Arthur, and he wrote something called increasin…

The Most Important Thing

Howard Marks

If you would have told me when I was reading the paper, and this was the most important thing in America, well, newspaper values are mostly going to…

Hickman

And there's a famous book called Hickman, which talks about bond experience from 1900 to 19, I think, 43.

Guests: Howard Marks, Andrew Marks

Episode summary

We sit down with legendary investor Howard Marks of Oaktree Capital and his son Andrew who, while less-well-known, is also an incredibly accomplished investor in a very different arena: early-stage VC. The purpose of the conversation was to discuss their joint work together on Howard’s all-time most popular memo, “Something of Value”, which made the then-shocking argument that Value and Growth investing are not diametric opposites but rather two sides of the same investing coin. We of course dive deep into that, and also cover plenty of fun Oaktree and investing history, as well as Andrew’s favorite topic: selling (or not selling, as the case may be). This is not one to miss!

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increasing returns in the new world of business

Brian Arthur

The host mentions Brian Arthur's book to illustrate how technological advancements, particularly the Internet, have t…

Card

The Most Important Thing

Howard Marks

The host discusses the evolving nature of consumer behavior and its impact on traditional businesses, particularly ne…

Card

Hickman

The host mentions the book 'Hickman' to illustrate the historical perspective on bond ratings and their returns. This…

Card

Buffett letters

Warren Buffett

The host mentioned the 'Buffett letters' as a significant influence on the guest's early investment education. This r…

Card

The Most Important Thing Eliminated

The host mentions 'The Most Important Thing Eliminated' to emphasize the importance of avoiding permanent capital los…

Card

Simple But Not Easy

The host mentions 'Simple But Not Easy' to emphasize that while the principles of investing can be straightforward, e…

Card

No Country for Old Men

Cormac McCarthy

The host mentions Cormac McCarthy in relation to Brian Arthur's influential writing on business and economics. This c…

Card

All the Pretty Horses

Cormac McCarthy

The host mentions Cormac McCarthy in relation to Brian Arthur's writing on business and economics. McCarthy's influen…

Card

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Answers to common summary, books, and takeaway questions for this episode.

What is Howard Marks & Andrew Marks: Something of Value about?

Summary, books mentioned, transcript quotes, and timestamps for Howard Marks & Andrew Marks: Something of Value on Acquired.

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What are the main takeaways from Howard Marks & Andrew Marks: Something of Value?

These are the strongest takeaways surfaced by the transcript, summary copy, and linked mentions for Howard Marks & Andrew Marks: Something of Value.

The conversation centers on bond investment strategies.
A second recurring theme is Cormac McCarthy's influence.
Referenced books include increasing returns in the new world of business by Brian Arthur and The Most Important Thing by Howard Marks.
The strongest audience signal points to Business leaders and investors and investors and financial analysts.

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Which books are mentioned in Howard Marks & Andrew Marks: Something of Value?

increasing returns in the new world of business by Brian Arthur, The Most Important Thing by Howard Marks, and Hickman are the clearest linked books in this episode, each tied back to transcript timestamps and quote cards.

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Top triggers

bond investment strategies(1)Cormac McCarthy's influence(1)hiring and evaluation process(1)impact of market changes(1)investing and judgment(1)investing and market changes(1)investment philosophy evolution(1)technological adoption and business(1)

Mention sentiment

Deep Dive(6)Passing Reference(3)

Audience signals

Business leaders and investorsinvestors and financial analystsInvestors interested in bond markets and financial historyAspiring investors and finance enthusiastsInvestors interested in venture capital and risk managementAspiring investors and finance professionals

Books Mentioned

The full list below is ranked by how useful each mention is to a listener: stronger recommendation language, clearer quote context, and better timestamp support rise first.

increasing returns in the new world of business

Brian Arthur

Best for Business leaders and investorsOften cited around technological adoption and business

“One of my favorite writings on investing, it's not actually about investing, but it's this guy, Brian Arthur, and he wrote something called increasing returns in the new world of business.”

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Sentiment: Deep Dive

Trigger: technological adoption and business

For: Business leaders and investors

Key quote: “One of my favorite writings on investing, it's not actually about investing, but it's this guy, Brian Arthur, and he wrote something called increasing returns in the new world of business.”

The host mentions Brian Arthur's book to illustrate how technological advancements, particularly the Internet, have transformed business dynamics. He emphasizes that companies can achieve increasing returns and dominate markets more than ever before due to these changes.

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The Most Important Thing

Howard Marks

Best for investors and financial analystsOften cited around investing and market changes

“The speaker mentions that the book evolved from a memo of the same title and discusses its content related to running a company and shared values among partners.”

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Sentiment: Deep Dive

Trigger: investing and market changes

For: investors and financial analysts

Key quote: “If you would have told me when I was reading the paper, and this was the most important thing in America, well, newspaper values are mostly going to go to zero because all of the consumer attention is going to be shifting to consuming everything on their computers in an interconnected web of servers that doesn't really exist yet.”

The host discusses the evolving nature of consumer behavior and its impact on traditional businesses, particularly newspapers. They reference 'The Most Important Thing' to emphasize the need for investors to understand future cash flows and the potential for disruption in established industries.

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Hickman

Best for Investors interested in bond markets and financial historyOften cited around bond investment strategies

“There's a famous book called Hickman, which talks about bond experience from 1900 to 19, I think, 43. Supposedly, Mike found that book and he read in it that the lower a bond's rating was, the higher its actual rate of return was.”

View mention details

Sentiment: Deep Dive

Trigger: bond investment strategies

For: Investors interested in bond markets and financial history

Key quote: “And there's a famous book called Hickman, which talks about bond experience from 1900 to 19, I think, 43.”

The host mentions the book 'Hickman' to illustrate the historical perspective on bond ratings and their returns. This reference highlights the importance of understanding the risks and rewards associated with lower-rated bonds, which can lead to significant investment opportunities.

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Buffett letters

Warren Buffett

Best for Aspiring investors and finance enthusiastsOften cited around investment philosophy evolution

“The speaker mentions internalizing principles from reading the Buffett letters, indicating their influence on investment philosophy.”

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Sentiment: Deep Dive

Trigger: investment philosophy evolution

For: Aspiring investors and finance enthusiasts

Key quote: “I got fortunately into the Buffett letters really young.”

The host mentioned the 'Buffett letters' as a significant influence on the guest's early investment education. This reference highlights the transition from value investing to understanding growth investing principles, showcasing the evolution of investment strategies over time.

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The Most Important Thing Eliminated

Best for Investors interested in venture capital and risk managementOften cited around venture capital investing

“The speaker references their notes from business school, highlighting a key concept about risk and capital loss from the book.”

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Sentiment: Deep Dive

Trigger: venture capital investing

For: Investors interested in venture capital and risk management

Key quote: “I went back through my notes from business school from Howard, your book, The Most Important Thing Eliminated.”

The host mentions 'The Most Important Thing Eliminated' to emphasize the importance of avoiding permanent capital loss in investment strategies. They reflect on how their skills align more with venture capital, which involves higher risks and potential rewards compared to traditional investing.

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Simple But Not Easy

Best for Aspiring investors and finance professionalsOften cited around investing and judgment

“A friend of mine wrote a book on investing in the UK, and the title is Simple But Not Easy.”

View mention details

Sentiment: Deep Dive

Trigger: investing and judgment

For: Aspiring investors and finance professionals

Key quote: “A friend of mine wrote a book on investing in the UK, and the title is Simple But Not Easy.”

The host mentions 'Simple But Not Easy' to emphasize that while the principles of investing can be straightforward, executing them effectively is challenging. This highlights the importance of judgment and qualitative assessments in successful investing.

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No Country for Old Men

Cormac McCarthy

Best for Readers interested in economics and business literatureOften cited around impact of market changes

“Brian Arthur was friends with Cormac McCarthy, the author who wrote All the Pretty Horses and No Country for Old Men. Cormac helped shape the prose in that piece.”

View mention details

Sentiment: Passing Reference

Trigger: impact of market changes

For: Readers interested in economics and business literature

Key quote: “Brian Arthur was friends with Cormac McCarthy, the author who wrote All the Pretty Horses and No Country for Old Men.”

The host mentions Cormac McCarthy in relation to Brian Arthur's influential writing on business and economics. This connection highlights the literary quality of Arthur's work, suggesting that good writing can enhance complex ideas.

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All the Pretty Horses

Cormac McCarthy

Best for Readers interested in the intersection of literature and economics.Often cited around Cormac McCarthy's influence

“Brian Arthur was friends with Cormac McCarthy, the author who wrote All the Pretty Horses and No Country for Old Men. Cormac helped shape the prose in that piece.”

View mention details

Sentiment: Passing Reference

Trigger: Cormac McCarthy's influence

For: Readers interested in the intersection of literature and economics.

Key quote: “Brian Arthur was friends with Cormac McCarthy, the author who wrote All the Pretty Horses and No Country for Old Men.”

The host mentions Cormac McCarthy in relation to Brian Arthur's writing on business and economics. McCarthy's influence is noted as a contributing factor to the clarity and success of Arthur's work.

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Programming Interviews Exposed

Best for Job seekers in computer scienceOften cited around hiring and evaluation process

“In CS, there was a book called Programming Interviews Exposed, written by three ex-Microsoft guys.”

View mention details

Sentiment: Passing Reference

Trigger: hiring and evaluation process

For: Job seekers in computer science

Key quote: “In CS, there was a book called Programming Interviews Exposed, written by three ex-Microsoft guys.”

The host mentions 'Programming Interviews Exposed' as a resource that can help candidates prepare for technical interviews in computer science. However, they emphasize that true evaluation goes beyond memorization and requires understanding a candidate's experiences and decision-making processes.

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