This week, I had the distinct honor of speaking with Howard Marks, one of the most respected and insightful investors of our time, and the co-founder and co-chairman of Oaktree Capital Management. Known for his deeply analytical memos and disciplined approach to risk, Howard has helped shape the landscape of investing.
Howard’s career began in equity research at Citibank in 1968, where he witnessed firsthand the boom and bust of the Nifty Fifty era. He later transitioned into high-yield and distressed debt, eventually co-founding one of the first distressed debt funds at TCW in 1988 with Bruce Karsh. In 1995, the two left to launch Oaktree Capital Management, which has since grown into one of the world’s leading alternative asset managers—with a distinct culture focused on risk control, intellectual honesty, and long-term thinking.
In our conversation, we explored the defining chapters of Howard’s career—from building conviction around a then-niche strategy, to the building of Oaktree. Along the way, we discussed what makes a great investor, the importance of price, and how Howard and Bruce Karsh built one of the most effective partnerships in modern finance.
And on a more personal level, we reflected on his childhood, the influence of the late Charlie Munger, and what advice he’d give to a 15-year-old navigating the world today.
Howard’s clarity of thought, long-term orientation, and humility make him a rare voice in the industry—and I came away from this conversation with a deeper appreciation for the philosophy behind Oaktree and Howard's success.
I hope you enjoy this episode as much as I did.
