Best Oaktree Capital Management Podcasts (2025)

1
Cockroaches in the Coal Mine 24:29

Play Pause

13d ago24:29

24:29

In his latest memo, Howard Marks examines the recent string of well-publicized credit problems. He considers how they serve as a reminder that the yield premium offered by sub-investment grade credit isn’t a freebie, but rather compensation for bearing credit risk. While good times lead to complacency and elevated risk tolerance, bad times expose t…

1
A Look Under the Hood 28:47

22d ago28:47

28:47

In his latest memo, Howard Marks offers observations based on his meeting with the board, consultant, and senior staff of a state pension fund. Howard explores the key topics covered during the session, including determining an appropriate risk posture, selecting an investment approach, and assessing performance. While these decisions are challengi…

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35 Years of Memos 30:47

1M ago30:47

30:47

To celebrate the 35th anniversary of his memos, Howard Marks recently held a fireside chat for Oaktree employees. Listen to an excerpt from the conversation to hear Howard discuss why he started writing and why he’s kept at it, and learn more about the enduring investment truths encapsulated by his memos.…

1
The Calculus of Value 41:40

3M ago41:40

41:40

In his latest memo, Howard Marks sets forth the essence of value and price, as well as the critical relationship between the two. He posits that value exerts a ‘‘magnetic’’ influence on price, meaning the relationship of price to value should be expected to strongly influence investment performance in the long run, with high valuations presaging lo…

1
More on Repealing the Laws of Economics 39:39

5M ago39:39

39:39

In his latest memo, Howard Marks discusses the implications of governmental intervention in economies. Considering examples such as rent control, fire insurance, and tariffs, he emphasizes that while free markets don’t produce perfect solutions, efforts to control them often make things much worse. He argues that when allowed to function, the laws …

1
30 Years of Oaktree 22:03

7M ago22:03

22:03

In celebration of Oaktree’s 30th anniversary on April 10, 2025, cofounders Howard Marks (Co-Chairman), Bruce Karsh (Co-Chairman and Chief Investment Officer), and Sheldon Stone (Principal and Co-Portfolio Manager, High Yield Bonds) held a fireside chat for employees where they shared stories about Oaktree’s origins and the firm’s journey over the l…

1
Nobody Knows (Yet Again) 35:16

7M ago35:16

35:16

In his latest memo, Howard discusses how the recent events surrounding tariffs can have a seismic but unpredictable impact on the global economy. Seismic in that they reflect a fundamental undoing of longstanding norms, and unpredictable in that tariffs would bring untold second- and third-order consequences. He emphasizes that there is no foreknow…

1
Gimme Credit 29:29

9M ago29:29

29:29

In his latest memo, Howard addresses a common question he’s been receiving over the last few months: “What about credit spreads?” He explains that the key question should be whether today’s spread is sufficient to offset the credit losses that’ll occur, rather than whether it’s historically narrow or not. Further, he emphasizes that spread widening…

1
Behind The Memo: On Bubble Watch 25:26

9M ago25:26

25:26

In the latest episode of Behind the Memo, Howard discusses his recent memo, On Bubble Watch, which revisits a subject he first wrote about 25 years ago. He delves into the investor psychology that underpins a market bubble, and assesses the danger of letting excitement and fear of missing out override risk aversion. You can listen to or read the Me…

1
On Bubble Watch 35:28

11M ago35:28

35:28

On January 2, 2000, Howard Marks published his first memo to garner any reader response, bubble.com, calling attention to excesses he detected in the market for tech and internet stocks. His newest memo revisits the subject of bubbles. Howard expresses his view that they’re more a state of mind than a quantitative calculation and describes bubble t…

1
Ruminating on Asset Allocation 26:33

1y ago26:33

26:33

In his latest memo, Howard Marks outlines the need to base asset allocation decisions around an established risk target. He describes the fundamental differences between ownership and debt, as well as the importance of finding the combination of the two that gets an investor’s portfolio to the desired position on the risk/return continuum. Finally,…

1
Shall We Repeal The Laws of Economics? 55:00

1y ago55:00

55:00

In his latest memo, Howard Marks discusses the economic facts of life, as he examines the workings of free markets and what happens when they’re tampered with. He considers what “price-gouging” actually means and how rents should be set. He ultimately argues that the laws of economics shouldn’t be overridden — even when it’s politically advantageou…

1
Behind The Memo: The Impact of Debt with Howard Marks and Morgan Housel 39:14

1y ago39:14

39:14

In this special episode of Behind the Memo, Howard Marks is joined by Morgan Housel, the bestselling author and partner at the Collaborative Fund. They discuss ideas from Howard’s recent memo “The Impact of Debt,” which was inspired by Morgan’s article “How I Think About Debt.” They explore the relationship between leverage and longevity, the natur…

1
Mr. Market Miscalculates 26:01

1y ago26:01

26:01

In his latest memo, Howard Marks discusses the reasons for the recent market volatility using one of finance’s classic metaphors: Mr. Market, the figure Benjamin Graham created in 1949 to explain the erratic nature of financial markets. Howard pulls together some of his best writing on investor psychology from the past three decades, adds some of h…

1
Behind the Memo: The Indispensability of Risk with Howard Marks, Bruce Karsh, and Maurice Ashley 32:25

1+ y ago32:25

32:25

In this episode of Behind the Memo, Howard Marks is joined by two special guests: Oaktree cofounder Bruce Karsh and the chess Grandmaster Maurice Ashley. In a wide-ranging conversation, they discuss Howard’s recent memo "The Indispensability of Risk" as well as the inspiration for that memo: Maurice’s Wall Street Journal article, "Chess Teaches the…

1
The Folly of Certainty 19:06

1+ y ago19:06

19:06

In his latest memo, Howard Marks discusses the importance of avoiding expressions of absolute certainty when operating in fields subject to randomness and human emotion, like politics, economics, and investing. He suggests that it’s better to have humility and acknowledge that the smartest thing to say is often “I don’t know.” You can read the memo…

1
The Insight: Conversations - Oaktree Conference 2024 Edition 39:14

1+ y ago39:14

39:14

In a special edition of The Insight: Conversations, you’ll hear excerpts from multiple sessions held during Oaktree’s recent biannual client conference. Oaktree co-chairman Howard Marks does a deep dive into his sea change thesis, members of Oaktree’s Global Credit team examine the most significant trends impacting the high yield bond and leveraged…

1
Bonus Episode: Howard Marks on “In Good Company” 41:11

1+ y ago41:11

41:11

Oaktree Co-Chairman Howard Marks (https://www.linkedin.com/in/howardmarksbook/) joined the In Good Company podcast with Nicolai Tangen (https://www.linkedin.com/in/nicolai-tangen/). They discussed Howard's investment philosophy, risk management, and how to determine the quality of a decision.

1
The Impact of Debt 16:05

1+ y ago16:05

16:05

In his latest memo, Howard Marks examines the relationship between leverage and survivability, taking inspiration from a recent Collaborative Fund post by Morgan Housel. Howard explains why determining the appropriate amount of leverage should be about optimization, not maximization. You can read the memo here (https://www.oaktreecapital.com/insigh…

1
The Insight: Conversations – Volatility Ahead? Featuring Howard Marks, Armen Panossian, and David Rosenberg 31:12

1+ y ago31:12

31:12

Where are we in the market cycle? Why is it healthy to be uncertain? And what does it mean to actually “be opportunistic”? In the latest episode of The Insight: Conversations, Howard Marks (Co-Chairman), Armen Panossian (Co-CEO), and David Rosenberg (Head of Liquid Performing Credit) discuss these and other topics from the recently published Perfor…

1
The Indispensability of Risk 12:20

1+ y ago12:20

12:20

In his latest memo, Howard Marks considers what chess can teach investors about the paradox of risk-taking. Drawing on insights from a recent Wall Street Journal article (https://www.wsj.com/sports/chess-teaches-the-power-of-sacrifice-221db7b7) by chess grandmaster Maurice Ashley, Howard explains why not taking enough risk may be one of the riskies…

1
The Archive: You Bet! 47:59

1+ y ago47:59

47:59

In his 2020 memo You Bet!, Howard Marks explained what it means to “think in bets,” as he discussed the many parallels between investing and games of chance. Now you can listen to You Bet!, the first release from The Memo by Howard Marks: The Archive. We’ve received many requests for an audio library of the memos that Howard Marks has published ove…

1
Behind the Memo: Easy Money with Howard Marks and Edward Chancellor 36:54

2y ago36:54

36:54

In this special episode of Behind the Memo, Howard Marks is joined by journalist and financial historian Edward Chancellor to discuss ideas from Howard’s recent memo, Easy Money, which was inspired by Edward’s book, The Price of Time: The Real Story of Interest. They explore the history of interest rates, the profound impact they’ve had on financia…

1
Easy Money 56:51

2y ago56:51

56:51

In his latest memo, Howard Marks considers what financial history can teach us about periods of easy money, the impact they have on investor behavior, and what happens when they end. He analyzes macroeconomic trends using insights from Edward Chancellor’s latest book The Price of Time: The Real Story of Interest to argue that we’re unlikely to soon…

1
The Insight: Conversations – Walking into the Unknown with Howard Marks, David Rosenberg, and Aman Kumar 35:13

2y ago35:13

35:13

What is a “normal” investment environment? What might a recession in 2024 mean for liquid credit? What’s happening in life sciences lending today? Find out by listening to the latest episode of The Insight: Conversations with Howard Marks (Co-Chairman), David Rosenberg (Co-Portfolio Manager, Global Credit), and Aman Kumar (Co-Portfolio Manager, Lif…

1
The Insight: Conversations – Special Episode with Annie Duke and Howard Marks 51:35

2y ago51:35

51:35

Special guest Annie Duke (former professional poker player, best-selling author) joins Howard Marks to discuss ideas from her book Thinking in Bets and Howard’s memo You Bet! They explore luck, decision quality, uncertainty, and more in this special episode of The Insight: Conversations.

1
The Insight: Conversations – Full Return World with Howard Marks and Armen Panossian 31:02

2y ago31:02

31:02

Howard Marks (Co-Chairman) and Armen Panossian (Head of Performing Credit) discuss topics related to Howard’s latest memo, Further Thoughts on Sea Change, and Oaktree’s recently published Performing Credit Quarterly 3Q2023 in this crossover episode of The Insight: Conversations and Behind the Memo. They consider the implications of the potential se…

1
Further Thoughts on "Sea Change" 33:52

2y ago33:52

33:52

In his latest memo, Howard Marks provides a follow-up to Sea Change (https://www.oaktreecapital.com/insights/memo/sea-change), his thought-provoking memo published in December 2022. He argues that the trends he highlighted in the original memo collectively represent a sweeping alteration of the investment environment that calls for significant capi…

1
The Insight: Conversations – Credit Picker’s Market with Wayne Dahl, Robert O’Leary, and Mark Jacobs 29:25

2y ago29:25

29:25

How have credit investors been successfully navigating the volatile interest rate environment? Which sectors currently look attractive to opportunistic credit investors? What are some of the major misconceptions about today’s commercial real estate market? In this episode of The Insight: Conversations, Wayne Dahl (Assistant Portfolio Manager, Globa…

1
Behind the Memo: Fewer Losers, or More Winners? 30:41

2y ago30:41

30:41

In the latest episode of Behind the Memo, Howard discusses his recent memo: Fewer Losers, or More Winners? He details the inspiration for the memo and explains why investors – like tennis players – need to consider their skill level, aspirations, and risk tolerance when asking themselves a fundamental question: Should I go for more winners, or try …

1
Fewer Losers, or More Winners? 35:44

2y ago35:44

35:44

In his latest memo, Howard Marks discusses the essential choice in both investing and sports: should you go for more winners or try to eliminate losers? That is, should you emphasize aggressiveness or defensiveness? This is a key decision that every investor has to make thoughtfully, and the answer can be different for each person. The memo is read…

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The Insight: Conversations – European Credit at a Turning Point 42:25

2y ago42:25

42:25

Learn about the current state of European credit and the dramatic changes seen over the last year in this thought-provoking discussion with Armen Panossian (Head of Performing Credit), Madelaine Jones (Portfolio Manager, European Senior Loans and European High Yield Bonds), and Nael Khatoun (Head of European Private Debt). They consider the challen…

1
The Insight: Conversations – Fighting the Fed with Armen Panossian, Danielle Poli, and Megan Messina 34:18

2+ y ago34:18

34:18

Armen Panossian (Head of Performing Credit), Danielle Poli (Assistant Portfolio Manager, Global Credit), and Megan Messina (Head of CLO Capital Markets) discuss topics from the 2Q2023 Performing Credit Quarterly. They consider the current tug-of war between fiscal and monetary policy, opportunities in credit, and what many investors are getting wro…

1
Taking The Temperature 49:19

2+ y ago49:19

49:19

In his latest memo, Howard Marks discusses five market calls he’s made during his career. He argues that investors seeking to take the temperature of the market should focus on understanding prevailing market psychology and the nature of cycles. Just as importantly, they should learn to control their own emotions and have the humility to know when …

1
The Insight: Conversations – This Time Might Be Different with Howard Marks and David Rosenberg 33:37

2+ y ago33:37

33:37

David Rosenberg, co-portfolio manager of Oaktree’s U.S. and Global High Yield strategies, and Howard Marks discuss topics from the June 2023 edition of The Roundup. They consider the evolution of the high yield bond market, investor optimism and why this time might actually be different in financial markets.…

1
The Insight: Conversations – Cutting Through the Economic Noise with Wayne Dahl 35:27

2+ y ago35:27

35:27

Oaktree Investment Risk Officer Wayne Dahl explains why economic statistics can tell conflicting stories and what this means for credit investors trying to make sense of today’s noisy data.

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The Insight: Conversations – Performing Credit Quarterly 1Q2023 35:37

2+ y ago35:37

35:37

In the first episode of Oaktree’s new podcast, Armen Panossian (Head of Performing Credit) and Howard Marks (Co-Chairman) discuss key takeaways from the 1Q2023 Performing Credit Quarterly, including the potential ramifications of the recent banking turmoil, opportunities in private credit and a possible rise in distress. As part of the discussion, …

1
Lessons from Silicon Valley Bank 44:45

2+ y ago44:45

44:45

In his latest memo, Howard Marks discusses the significance of the Silicon Valley Bank collapse. He argues that it likely doesn’t portend a wave of banking failures but may amplify preexisting wariness among investors and lenders, leading to further credit tightening and additional pain across a range of industries and sectors. The memo is read by …

1
The Rewind: Calling The Market 39:56

2+ y ago39:56

39:56

Howard looks back on several memos he’s written near major turning points in the market over the last few decades, from the bursting of the dot-com bubble to the pandemic-driven crisis in early 2020. He considers what an investor should – and shouldn’t – focus on when making a market call.

1
The Rewind: Ditto 1:11:52

3y ago1:11:52

1:11:52

Howard is joined by Bruce Flatt, CEO of Brookfield, for a discussion of Ditto, which was originally published on January 7, 2013. They examine the distinction between price and value and consider how investors might gain a competitive advantage today. This episode was recorded in November 2022. The memo is read by LJ Ganser.…

1
Behind the Memo: Sea Change 20:06

3y ago20:06

20:06

In the latest episode of Behind the Memo, Howard discusses his most recent memo, Sea Change. He explains why the shift we may currently be experiencing could force investors to rethink the meaning of "normal." You can listen to Sea Change in the prior episode or read it here (https://www.oaktreecapital.com/insights/memo/sea-change).…

1
Sea Change 36:40

3y ago36:40

36:40

In his latest memo, Howard Marks writes that the investment world may be experiencing the third major sea change over the last 50 years. Events in recent years – especially the spike in inflation and the Federal Reserve’s response – appear to have caused a reversal of the market conditions that prevailed during the post-GFC (Global Financial Crisis…

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Behind the Memo: What Really Matters? 23:10

3y ago23:10

23:10

In the latest episode of Behind the Memo, Howard discusses his most recent memo, What Really Matters?, and looks back on a year of memo-writing. He considers the themes that have dominated his thinking in 2022 and highlights his key messages for investors, including one they may not want to hear. You can listen to What Really Matters? in the prior …

1
What Really Matters? 53:28

3y ago53:28

53:28

In his latest memo, Howard Marks weaves together some of the themes he’s explored in 2022 to explain what he believes really matters in investing and what doesn’t. He discusses the disadvantages of short-term thinking, the difference between volatility and risk, and the one word he believes defines the essence of investment excellence. The memo is …

1
The Rewind: Global Financial Crisis 35:14

3y ago35:14

35:14

Howard reflects on memos related to the Global Financial Crisis with Bob O’Leary, Co-Portfolio Manager of Oaktree’s Global Opportunities strategy. They share their most striking memories from the years leading up to and during the crisis. They also discuss today’s market environment and consider whether investors have forgotten many of the lessons …

1
Behind the Memo: The Illusion of Knowledge 23:26

3y ago23:26

23:26

In the latest episode of Behind the Memo, Howard discusses key themes from his recent memo, The Illusion of Knowledge. He explains why creating helpful macro forecasts is so challenging and why “thinking about macro” and forecasting aren’t the same thing. You can listen to The Illusion of Knowledge in the prior episode or read it here (https://www.…

1
The Illusion of Knowledge 53:25

3y ago53:25

53:25

Howard Marks has long questioned the value of macro forecasts, but in his latest memo, he explains why creating profitable forecasts is so difficult. He discusses the incredible complexity involved in modeling an economy and makes it clear that forecasting mostly provides the illusion of knowledge. He argues that investors are better off accepting …

1
Behind the Memo: I Beg To Differ 24:05

3+ y ago24:05

24:05

In the latest episode of Behind the Memo, Howard discusses his recent memo, I Beg to Differ. He explains why investors seeking to outperform need to think differently, be exceptional, and be prepared to look wrong – even when they’re right. You can listen to I Beg To Differ in the prior episode or read it here (https://www.oaktreecapital.com/insigh…

1
I Beg To Differ 47:38

3+ y ago47:38

47:38

Howard Marks’s latest memo argues that investors seeking superior performance must have the courage to depart from the pack, even though doing so means accepting the risk of being wrong. Thinking differently and better than others is key to outperformance, he explains, because in investing, it’s not enough to be right. You have to be more right tha…

1
The Rewind: Something of Value 1:25:20

3+ y ago1:25:20

1:25:20

Howard reflects on this memo, originally published on January 11, 2021, with his son Andrew Marks. They discuss why open-mindedness – at all ages – is key when investing in a rapidly changing world. Andrew is the co-managing partner of TQ Ventures, a technology-focused venture capital firm founded four years ago that has over 80 portfolio companies…