Howard Marks: Billionaire Investor On Market Cycles (How To Survive The Bad Days & Win The Good Days)


“Do you hate being introduced as a billionaire?”

“I do,” he said.

“I apologize.”

But I couldn’t NOT mention it. Howard Marks is worth $1.9 billion. He’s #374 on the Forbes richest list. And co-founded Oaktree Capital.

He said it’s okay.  “On the one hand, people want to hear it. And it gets you more attention, but on the other hand they don’t say, ‘Here’s Howard Marks, tennis player’ or ‘Howard Marks, father of two.’ I don’t think how much money I have sums me up. And I don’t think it’s the greatest thing about me.”

So I dove into that. Because money is a cause of so many people’s stress. And suffering. Some people think money = wellbeing. And in some ways it does. But in a lot of ways, it doesn’t.  

I told him about a theory I have…

Having multiple billions doesn’t make your life any easier or better than having ten million dollars. Or even less.

When I search for ways to make money, I’m searching for ways to create more freedom in my life.

And I’ve found that loving what you do and having contentment are much better ways to gain freedom than having a billion dollars.

Howard agreed.

“There’s no question.”

He told me his favorite quote. It’s from a guy named Christopher Morley (an English writer):

“There’s only one success… to be able to live your life your own way.”

I asked Howard how he did this…

How did he create life the way HE wants it to be?

Here’s what I learned:



Howard writes about something he calls, “second level thinking.”

Second level thinking is how he mastered:

A) market cycles

B) and personal cycles

He broke it down for me. He told me what he knows. And what he’ll never know.

I’ll explain.

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