David Rosenthal: belief

Transcript context

…We are your hosts. Today, we have two guests with very different investment styles, a value investor and a growth-oriented tech investor, head to head, but not just any investors. We are joined today by the legendary value investor, Howard Marks, the co-founder of Oaktree Capital Management and his son, Andrew Marks, the co-founder of TQ Ventures. Oaktree, for those who don't know, is one of the leading investment management firms in the world specializing in alternative investments with $159 billion in assets under management as of the end of June 2022. Probably, far fewer of you know Andrew and his firm, TQ Ventures. What they've accomplished so far is pretty equally impressive in a very different field. As we'll talk about, TQ is an early stage venture firm that Andrew and his partners started about five years ago. They have a billion dollars under management now, including, I think a $500 million third fund that they just closed just a couple months ago. I can say I do know that their returns so far had been top decile across all venture funds raised during that time period in all of those vintages. We get to know Andrew over the years as a quiet community member and a listener. I've gotten to know him in the context of Kindergarten Ventures, my AngelList fund that I manage with Nat Manning. A little over a year ago, Andrew and Howard co-authored one of Howard's famous memos together in a departure for Howard, where they were debating over Covid together as a family, as father and son, value investing versus growth investing, tech investing, and what was going on in the markets. They turned it into a memo. It ended up becoming—we'll talk about it on the episode—Howard's most popular memo ever, which is incredible at a career spanning many, many decades as one of the most popular authors of investment memos. Oh, Howard's memos and books are among the most coveted in the entire investing landscape. Even Warren Buffett is quoted in saying, "When I see memos from Howard Marks in my mail that are the first thing I open and read, I always learn something." Well, if you want to discuss these topics with us after you listen, you should join the Acquired community acquired.fm/slack. Our new merch store is available at acquired.fm/store. You can listen to the LP Show by searching Acquired LP Show in the podcast player of your choice or get new episodes two weeks early at acquired.fm/lp. Now on to our interview with Howard and Andrew Marks. Remember, the show is not investment advice. David and I may have investments. The companies we discuss in the show are for informational and entertainment purposes only.…

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