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The Infant Learner
Some stuff I read this week:
A. This week’s Special:- Interview with Bruce Karsh
Mr. Karsh is Oaktree’s Co-Chairman and one of the firm’s co-founders. He also is Chief Investment Officer and serves as portfolio manager for Oaktree’s Distressed Opportunities, Value Opportunities, and Multi-Strategy Credit strategies. Prior to co-founding Oaktree, Mr. Karsh was a managing director of TCW Asset Management Company, and the portfolio manager of the Special Credits Funds from 1988 until 1995. Prior to joining TCW, Mr. Karsh worked as Assistant to the Chairman of SunAmerica, Inc. Prior to that, he was an attorney with the law firm of O’Melveny & Myers. Before working at O’Melveny & Myers, Mr. Karsh clerked for the Honorable Anthony M. Kennedy, then of the U.S. Court of Appeals for the Ninth Circuit and presently Associate Justice of the U.S. Supreme Court.
Recently he was interviewed by Howard Marks at Wharton. In this interview, Howard Marks and Bruce Karsh talk about their backgrounds and how they started working together before founding Oaktree. The duo successfully raised and managed four funds with A and B rounds in the late 1980’s and early 1990’s. There are some phenomenal lessons in this interview that they share from the early years. Click the link given below to listen to the interview:
B. Entrepreneurial Diary
C. Other Stories
The Freakishly Strong Base ( CF )
Interview with Morgan Housel ( SN )
A List Of Alternatives To Winning ( TT )
Of Free Brains and Effortless Money ( SN )
In Conversation With THE Professor ( MC )
Seth Klarman: Consistency in a Bubble ( NI )
Thoughts On Cost Of Capital And Buffett’s 1 Test ( BH )
The Importance Of ‘Nudge’ Theory For Value Investors ( TU )
Rajeev Thakkar Discusses The Business Aspects Of Asset Management ( YT )
Indian Steel Sector – Why Are PE Funds Getting Attracted To Support Buyouts ( SV )
“I read everything: annual reports, 10k’s, 10q’s, biographies, histories, five newspapers a day. On airplanes, I read the instructions on the backs of seats. Reading is key. Reading has made me rich over time” – Warren Buffett
“I constantly see people rise in life who are not the smartest, sometimes not even the most diligent, but they are learning machines. They go to bed every night a little wiser than they were when they got up and boy does that help, particularly when you have a long run ahead of you” – Charlie Munger
You have to apply yourself each day to becoming a little better. By applying yourself to the task of becoming a little better each and every day over a period of time, you will become a lot better”- Carol Dweck