Howard Marks of Oaktree Capital Management shares with Real Vision co-founder and CEO Raoul Pal his investing framework. He and Raoul explore just how late we are in the credit cycle and look at risks and opportunities that lie ahead. Marks discusses the principles that made him one of the world's greatest investors – discipline, contrarianism, and selectivity – and reflects how these principles serve as guiding stars during this time of unprecedented uncertainty. Marks' specialty is putting capital to work when others have lost their nerve – or, as he describes it, "to catch falling knives" – and he shares with Raoul how he plans on identifying and selecting value at a time when the Fed’s recent actions have clouded the investment landscape by artificially distorting security prices. Filmed on May 12, 2020.