The Most Important Thing: Uncommon Sense for the Thoughtful Investor | A Dialogue with Howard Marks

Join legendary investor Howard Marks, Co-Chairman and Co-Founder of Oaktree Capital, in the conversation hosted by CFA Society India in collaboration with CFA Institute. Famed for his widely-read and insightful investment memos, Mr. Marks shares the story behind their creation, offering candid reflections on writing with authenticity, enjoyment, and impact. He discusses the foundational elements of building Oaktree Capital — from strong values and complementary partnerships to codified business principles that go beyond profit-seeking. This dialogue delves into key investment principles, including: • Understanding and navigating market cycles • Adopting aggressive vs. defensive investment stances • Recognizing the psychological challenge of contrarian investing • Adapting to the new regime of higher interest rates • The evolving role of private credit in diversified portfolios • And the role of luck in successful investing Mr. Marks offers timely perspectives on today's market outlook, cautioning against over-optimism amid high valuations and compressed return expectations. He encourages investors to lean into critical thinking, challenge consensus views, and maintain conviction during uncertainty. A must-watch for portfolio managers, investment professionals, and anyone passionate about long-term investing and independent thinking. 📢 Presented by: CFA Society India & CFA Institute 🔔 Subscribe for more expert insights from global investment leaders. 00:00 – Welcome & Opening Remarks 07:40 – Howard Marks on His Visit to India 08:30 – Origin & Global Impact of Investment Memos 12:10 – Building Oaktree Capital: Values, Partnerships & Luck 17:20 – Market Cycles: When to Be Aggressive vs. Defensive 24:11 – Current Market Outlook: Optimism, Valuations & Risks 33:04 – Work-Life Balance: Passion, Productivity & Purpose 36:34 – New Interest Rate Regime: Implications for Asset Valuation 44:45 – Audience Q&A Session Begins 45:08 – Contrarian Investing: Staying Committed During Discomfort 51:29 – Views on De-Dollarization & Emerging Global Orders 57:50 – Enduring Investment Lessons & Final Advice _______________________________________________________________________________________ The Indian Association of Investment Professionals (IAIP), the India Society of CFA Institute, was established in Apr 2005 as an association of local investment professionals consisting of portfolio managers, security analysts, investment advisors and other financial professionals. As one of the over 160 CFA Institute member societies, the IAIP connects local CFA Institute members to a global network of investment professionals. For the continuing up-gradation of knowledge and skills of members, IAIP conducts speaker events, workshops led by leading finance professionals.