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Howard Marks
Co-Chairman, Oaktree Capital

2013 Ivey Value Investing Classes Guest Speaker: Howard Marks

🎥 Jan 01, 2013 📺 Ivey Business School ⏱ 99m 👁 1762 views
Ivey Business School’s Value Investing Classes of 2013 welcomed Howard Marks as a Guest Speaker. Mr. Marks is the Chairman of Oaktree Capital Management, L.P. in Los Angeles, CA. Our Guest Speakers are an integral part of our Value Investing education. This education sets out to promote the Ben Graham Centre for Value Investing, value investing and the work we all do at Ivey Business School and particularly, in the Value Investing program. More information regarding our Value Investing Class Guest Speakers: https://www.ivey.uwo.ca/bengrahaminve... Upcoming Events: https://www.ivey.uwo.ca...
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About Howard Marks

Howard Marks, co-chairman of Oaktree Capital Management, has been active in media appearances discussing market cycles, the current investment environment, and the role of artificial intelligence in investing. In a June 2026 interview with Barron's alongside Brookfield CEO Bruce Flatt, Marks stated that since October 2022, "optimism has been in the ascendancy" in markets, which he said permits events like large IPOs. He described the current environment as one of "exuberance," but noted that he could not definitively say whether it is irrational, given uncertainty about what AI will be able to do and for whom. Marks also discussed the four ways he believes investors achieve superior returns: buying things for less than they are worth, applying the right financial structure, adding value to operations, and seeing assets go to a premium valuation. He said that in the period ahead, he expects a greater emphasis on "an ownership mentality, on buying things at reasonable prices and adding value." In separate appearances, Marks addressed the IPO market and AI. On the Prof G Markets podcast, he said that investing in companies like Anthropic or OpenAI involves accepting that one's activity is "closer to speculating than analytical investing," given the difficulty of forecasting earnings far into the future. He also said that while AI can marshal data and organize logic, he does not believe it can directly pick winning stocks, as successful investing still requires judgment and experience. Marks stated that AI "raises the bar and weeds out the people who don't add value," but added that he does not think it will replace the best investors.

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Transcript (407 segments)
✨ AI-enhanced transcript with speaker attribution
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