I previewed an upcoming episode with Howard Marks, who runs Oaktree, a firm described as built on distressed debt and worth $120 billion+. The discussion is framed around Marks’s investing views, debt and equity, AI, and market behavior.
I described Oaktree as a $120 billion+ firm built on distressed debt.
I said Warren Buffett opens Marks’s memos first and that Marks has been writing them for over thirty years. I also said a single conversation with Claude changed Marks’s mind on AI, without specifying his earlier or revised view.
- The episode preview asks where “the $10 bill nobody has picked up” is hiding right now, why Marks chose debt over equity for an entire career, and why the herd is almost always wrong. These are previewed questions, not answers; the post identifies no particular opportunity or investment process.
I said the full episode drops soon, but gave no release date. The post does not explain Marks’s choice of debt over equity or what his AI conversation changed.