If a key to personal happiness is low expectations, then a key to investing may be realistic expectations. Howard Marks is the co-founder and co-chairman of Oaktree Capital Management. Motley Fool Director of Small Cap Research Bill Mann caught up with Marks to discuss: - Why higher interest rates created a “Sea Change” for investors - China’s economic miracle, and its impact on inflation - Lessons from the era of easy money - What life insurance companies can teach investors about risk To read Howard Marks' latest memo, click here: https://www.oaktreecapital.com/insights/memo/sea-change   Host: Bill Mann Guest: Howard Marks Producer: Ricky Mulvey  Engineers: Rick Engdahl, Annie Franks