Howard Marks - Navigating Private Credit (EP.439)

Video Description

Howard Marks is a renowned investment thinker and the co-founder and co-chairman of Oaktree Capital Management, a leading global investment firm overseeing $200 billion primarily in credit investments that is majority owned by Brookfield Asset Management. Our conversation covers Howard's journey from his early days in finance to his current insights on the evolving credit landscape. We dive into themes from his latest Memo, Gimme Credit, exploring the pendulum swings in investor sentiment, the rise of private credit, and implications for investors. We also discuss the changing dynamics of private equity, the trend of asset manager M&A, and life as a public company. Throughout our conversation, Howard shares his timeless wisdom on risk management, market cycles, and the enduring principles of successful investing. Subscribe to the mailing list: https://capitalallocators.com/ Access Transcript with Premium Membership: https://capitalallocators.com/signup/ Subscribe on Apple Podcast: https://podcasts.apple.com/us/podcast/capital-allocators-inside-the-institutional/id1223764016 Follow Ted on Twitter: https://twitter.com/tseides Follow Ted on LinkedIn: https://www.linkedin.com/in/tedseides/ Original Publish Date: 04/07/2025 (00:00:00) Teaser: Welcome to Capital Allocators (00:00:23) Childhood Influences and Early Interest in Finance (00:02:22) Lessons from Equity and Credit Markets (00:04:21) Discovering high-yield bonds and fixed income (00:05:59) Writing Investment Memos (00:08:09) Evolution of the Credit Markets (00:10:58) Leverage Buyouts and Private Equity (00:14:14) Private credit opportunities and risks (00:16:14) Market Cycles and Sentiment (00:19:56) Maintaining Investment Discipline – Oaktree’s Investment Philosophy (00:23:31) Private vs. Public Credit (00:29:15) Risks in Private Credit – Possibility of Another Recession? (00:32:41) Private Equity Challenges (00:39:15) Sustaining Oaktree (00:50:10) Closing Questions #capital #investing #finance #podcast #institutionalinvesting #institutionalinvestor #endowment #funds #portfolio #privateequity #wealth #successhabbits #investingpodcast #assetallocation #financialmarkets #investmentstrategies #entrepreneurship #leadership #investmentanayasis #tedseides #capitalallocators #liquidity #capitalallocatorspodcast #financepodcast #lp #gp #learninvesting #howtoinvest #privateequity #s&p500 #portfolio #stockportfolio #investinginsights #assetallocationstrategies #lessonsfromtopinvestmentadvisors #financepodcastforinvestors #investmenttrends #investmentphilosophy #bearmarket #bullmarket #investmentthemes #youtubepodcast #howardmarks #oaktree #privatecredit #credit #economicoutlook #riskmanagement #fixedincome #creditmarkets #highyieldbonds #privatecredit #investmentmemos #recession #inflation #marketvolatility