Howard Marks

speaker

431 appearances 1 recordings 1 series first heard Jul 2026 last heard 15 Jul

Howard Marks’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.

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Not that I recall.

I think part of it, you know, and I said for the next 25 years, I didn't do it.

That took me up to roughly 95, which is when I left with Bruce to start Oaktree.

Well, not just that, but just not making good decisions, conscious decisions.

You know, why did I go to Citibank Investment Research Department when I got out of University of Chicago in 1969?

Because I had a good summer there the year before.

Why did I move from the Equity Research Department to the Bond Department?

Because my work in equity research was unsuccessful and I was told to get out.

Why did I move to California in 1980?

Sunshine.

palm trees.

I just can't claim that I was making good decisions.

I got sent to the bond department at Citibank in 1978.

And three months later, the head of the bond department calls me up since I didn't have that much to do.

I was fairly idle.

And he says, there's a guy named Milken or something in California, and he deals in something called high-yield bonds.

Do you think you can figure out what that means?

That was just luck.

If you read Mathlum Gladwell and Outliers, it was just luck, right time, right place.

And if that call came at lunchtime and I had been out at lunch, maybe somebody else would get the call and they'd be me.

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