Howard Marks: Money Maze Podcast (2025)

Video Description

Howard Marks, Oaktree's Co-Chairman, explains why it’s not what you buy, it’s what you pay that counts, why you need to be contrarian to succeed in investing, why over confidence is the enemy of performance, and - given the inevitable nature of cycles - why he subscribes to Voltaire’s comment that “history never repeats itself, but man always does.” His investment memos written over the years are world class: engaging, lucid and approachable. In this one hour conversation, Howard shares some of his most important investing lessons. (Originally published by @moneymazepodcast on March 12, 2025) Legal Information and Disclosures: This communication expresses the views and opinions of the participants as of the date it was recorded and such views and opinions are subject to change without notice. Oaktree Capital Management, L.P. ("Oaktree") has no duty or obligation to update the information contained herein. This communication may include forward-looking statements that are based on then-current beliefs of the participants. Such forward-looking statements may involve assumptions and known or unknown risks and uncertainties that are subject to change and may differ from actual results, performance or events that occur in the future. Forward-looking statements speak only as of the date the statements are made. Further, Oaktree makes no representation, and it should not be assumed, that past investment performance is an indication of future results. Moreover, wherever there is the potential for profit there is also the possibility of loss. This communication is being made available for educational purposes only and should not be used for any other purpose. This communication and the information contained herein do not constitute and should not be construed as an offering of advisory services or an offer to sell or solicitation to buy any securities or related financial instruments in any jurisdiction. Further this communication does not constitute and should not be construed as a recommendation or testimonial for any securities, related financial instruments, products or services. This communication, including the information contained herein, may not be copied, reproduced, republished, or posted in whole or in part, in any form without the prior written consent of Oaktree.