Name: Howard Marks: "The Most Important Thing - Origins and Inspirations" | Talks at Google
Uploaded: 2018-07-17T06:22:06.000Z
Duration: 1 h 9 min 3 s
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We have a very, very special guest today.

In thinking about an introduction for him,

I quickly realized there's nothing that's

So I'm going to share a couple of snippets from his writings

And as I do so, think about what would be your guess when

The bottom line is that many of the investors setting

the prices in today's markets don't care about valuation.

I get no sense, at all, that the analysts and portfolio

stocks and internet high flyers can imagine

prices at which they would be mere holds or, heaven forbid,

So yeah, there's something to say about the timeliness

In the end, buyers took out the biggest mortgage possible

given their incomes and prevailing interest rates.

Such mortgages would land them in the houses of their dreams

Anyway you slice it, standards for mortgage loans

have dropped in recent years and risk has increased.

Certainly, mortgage lending was made riskier.

was intelligent risk taking or excessive competitive order.

So I'm sure all of you want to know what's on our guests

And we are so fortunate that he's here with us in person.

So without any further ado, ladies and gentlemen,

please join me in welcoming the one and only Howard Marks.

HOWARD MARKS: Well that's quite an induction

and [INAUDIBLE] puts a lot of pressure on me

I want to thank [INAUDIBLE] for setting up this event.

And because I get the impression here at Google

HOWARD MARKS: So there aren't too many things in life

that are worth doing if they can't be fun.

And the reason it has that title is because I would find myself

And I would say the most important thing in investing

And then five minutes later, I would say the most important

And five minutes later, I would say the most important thing

Each of which was the most important thing.

I couldn't think of a better format for my book.

Interestingly, some of the things are different.

That goes to show you that one's thinking should still be alive

And I know that [INAUDIBLE] and some of the other fellows

went to see Charlie Munger speak in Los Angeles

And I'm sure he's still evolving and getting younger.

Now I should tell you, and I don't know if you know this,

And I'll refer to a lot of memos in this session, probably.

And they're all available on oaktreecapital.com website.

And I've been sending them out now 25 years.

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

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