What Howard Marks thinks about investing
Co-founder and co-chairman of Oaktree Capital Management; author of the Oaktree memos.
Howard Marks did not write this page.
We collected these quotes from things they published elsewhere, and every quote links to where it was said. They have no account here and have not endorsed this site. Quotes are word for word; the short line under each one is our own restatement, not their wording. Their own site. Is this you? Claim it or ask us to remove it. Or tell us what is wrong here.
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4 dated positions, 2025, in their own words. Our reading of what Howard Marks has said — not written or endorsed by them.
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Their wordsDebt is neither a good thing nor a bad thing per se. Likewise, the use of leverage in the AI industry shouldn’t be applauded or feared.
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Their wordsBubbles are best identified in retrospect.
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Their wordsIf that enthusiasm doesn’t produce a bubble conforming to the historical pattern, that will be a first.
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Their wordsThere can be no way to participate fully in the potential benefits from the new technology without being exposed to the losses that will arise if the enthusiasm and thus investors’ behavior prove to have been excessive.