Education
I sat down with Howard Marks, the co-founder of Oaktree and the man who has been writing the memos every serious investor on earth opens first for over thirty years, and what was supposed to be a conversation about debt and cycles became a conversation about how anyone gets above-average at anything in a world where everyone smart is already trying. We covered why he picked bonds over stocks for an entire career and got rich doing the opposite of what everyone wanted to do, why the S&P returns 10% a year but almost never between 8 and 12, why he changed his mind on AI after a single conversation with Claude, what AI can't do that great investors still can, why he thinks India's biggest export business sits in the crosshairs of AI, and where the $10 bill nobody has picked up is hiding right now.
00:00 Introduction
02:05 From Queens to Wharton beginnings
08:10 Mujo and independence of events
15:17 Why cycles exist in markets
22:09 Pandemic, recessions, and recovery age
28:38 Where we are today
36:08 Drifting versus seeing the river
42:57 Oak Tree and accidental entrepreneurship
49:45 Why bonds over equities
57:14 Distressed bonds and excess returns
1:05:36 Beginning a new career today
1:12:42 Active management versus indexation
1:20:08 Learning from Andrew, second level thinking
1:27:25 How to become contrarian and better
1:34:28 Learning from history, final advice
#Nikhil Kamath Co-founder of Zerodha and Gruhas
Host of 'WTF is' & 'People By WTF' Podcast
- Twitter: https://x.com/nikhilkamathcio/
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#HowardMarks Co-founder and co-chairman of Oaktree Capital Management
- LinkedIn: https://www.linkedin.com/in/howardmarksbook/
- Twitter: https://x.com/HowardMarksBook
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