This podcast sees Guy Foster, Head of Research chatting to Howard Marks the founder and chairman of Oaktree Capital. Howard has been making the headlines recently by questioning the Fed’s latest rate cuts whilst most investors seem to be wanting more. That serves as a helpful intro to the topic of cycles which Howard has literally written a book since his last appearance on the Brewin Podcast. We discuss the different ways in which cycles can present themselves, how this influences investment positioning and what the risks could be at the moment. How is the increased use of technology affecting the investment environment and how can you test a managers’ ability to call cycles when they may not have been through a full one.