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Howard Marks

Co-Chairman, Oaktree Capital

Search every verified Howard Marks interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Howard Marks, co-chairman of Oaktree Capital Management, has been active in public discussions about markets, interest rates, and artificial intelligence. At the 2026 Brookfield Affiliates Investor Day, he discussed the evolution of alternative investing, tracing its origins to high-yield bonds and private equity, and expressed confidence that future market conditions will present attractive investment opportunities. In a separate interview, he said he revised an earlier memo on AI after his son, who works in venture capital, told him the technology had advanced significantly in a short period. Marks said he now rates AI's potential more highly, citing its autonomy and ability to apply information to specific needs, while also acknowledging uncertainty about its profitability and impact on jobs. Marks has also commented on interest rates, arguing that current levels are low relative to historical norms and that the recent period of very low rates was an aberration. He said he expects rates are unlikely to fall much in the near term and expressed support for less communication from the Federal Reserve, saying it encourages investors to make their portfolios more resilient. In discussions about value investing, he emphasized that the core principles involve owning a piece of a business, estimating its future production, and assessing price relative to intrinsic value, rather than simply buying low-multiple stocks. He also reflected on his career, noting that Oaktree's success has been built on putting clients first, maintaining a collaborative culture, and avoiding internal conflict.

Recent appearances

Verified interview transcripts

Notable quotes

“We haven't had a free market in money in maybe 30 years. We've had administered rates from the Fed. And I think that Kevin Walsh is going to be less of an activist than his recent predecessors. And I think there's a higher probability going forward that interest rates will be what they call natural interest rates, which are the rates that are set through negotiations between borrowers and lenders. What better source ”

“I think the market is getting right the fact that AI is likely to be the biggest thing any of us have ever seen and totally change our way of life. Another thing that the markets are getting right nowadays is the fact that interest rates have been too low and higher rates were called for and you know in the last 10 days or so we've had a big run up in rates and now everybody's running around with their hair on fire. ”

“I believe very strongly that there are two kinds of assets in the world. The ones that produce cash flow and the ones that don't. What kind of assets produce cash flow? Think about it. What kind of things can you buy and own that produce cash flow? Property, stocks, companies, bonds... debt, stocks, companies, properties can produce cash flow. What about assets that don't? Art, gold, crypto, wine, diamonds, classic c”

“I personally think that one of the worst things going on today is the profligacy of the federal government. And, you know, coming out of World War II, the US was the greatest country in the world. And we saw great strides in managerial techniques and in technology. And we had strong capital markets and we had the rule of law and we had a spirit of innovation and entrepreneurship and business thrived in the United Sta”

“It's very important to to that everybody recognize that today's interest rates are not high. you know, a a 5.3 or 4% uh 30-year bond is very low relative to history. And um and it's it's only high relative to recent history. And I argue strenuously that the recent history of interest rates is is the aberration. And you know the Fed funds rate which is the benchmark for short-term rates and the and it's the main uh le”

“Well, Ed, for historical reference, I think the last time we had a budget surplus was when Clinton left office. So that was 2000. So 26 years of deficits. But one thing that has changed is the size of the deficits as a percentage of GDP. And you know um we ran a $2 trillion deficit I think around 2021 to provide uh COVID relief. Then people kind of got used to that level and they've continued it. And you know, it's o”

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