Club Conversation with Howard Marks, Oaktree’s Quiet Legend

In this insightful conversation, investing legend Howard Marks delves into the art of navigating markets, sharing his perspective on investment strategies, portfolio structuring, and the true nature of risk — which he defines as the possibility of undesirable outcomes rather than volatility alone. He reflects on the origins of his firm, Oak Tree, and the role of incentives in shaping organizational success. Marks also examines broader market dynamics, from the upside potential in technology bubbles to the economic implications of Brexit and the evolving landscape of private credit. Interwoven with practical advice are his personal reflections on success, happiness, and the mindset required to thrive through market cycles, offering viewers a rare window into the thinking of one of finance’s most thoughtful strategists.

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