하워드 막스
Co-founder of Oaktree Capital Management, a value investor who shares contrarian wisdom on market cycles and risk management through his highly regarded memos.
80 records in all
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3 basic records of 21
Episodes are real events from public sources, summarised by us.
In the 1950s, Simplicity Patterns was considered a company that could never be hurt because home sewing was common. As people stopped sewing their own clothes, the business model became obsolete.
LessonA business that relies on a specific lifestyle habit is vulnerable if that habit disappears.
The five founders of Oaktree had already worked together for an average of nine years before starting the firm. This pre-existing relationship allowed them to skip the 'getting to know you' phase and focus immediately on their established roles.
LessonStarting a business with proven partners reduces friction and builds immediate operational trust.
On the first day of 2000, Howard wrote a memo titled Bubble.com predicting the tech crash. The prediction was proven correct within months, which finally brought him widespread recognition after a decade of writing.
LessonBeing right is only useful if the market validates your position relatively soon after you take it.
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