Howard Marks of Oaktree Capital Management explains Oaktree's foundational motto and core approach to debt and credit investing.
0:00 / 0:08exact quote · 8.6s
720p mp4 · rendered on demand · StarZero watermark
“If we avoid the losers, the winners take care of themselves. That's our official motto. And that's the right way to think about fixed income.”
quote is from the automated transcript, cleaned for reading:
filler sounds and stutters are removed, nothing is rephrased. names can be misheard
(the analysis reads context, assessments check outside sources). how →
More from Howard Marks
Opinion
Howard Marks: SEC doesn't scrutinize private credit valuations and LPs prefer it
“And by the way, the SEC doesn't look at these things, because these are private investments, so they don't require accuracy. And the investors in the fund are mostly happy without accuracy, because as I said, they don't have to report problems to their higher …”
Howard MarksApr 7, 2025▶ 32:57Howard Marks – Navigating Private Credit (EP.439)
Opinion
Marks: Private credit is no longer special and is now fairly priced
“And I would say that the aspect of being undiscovered and unloved is over. It's a reasonable thing to do if you do it carefully, but I don't think it's a special strategy. It's just fairly priced.”
Howard MarksApr 7, 2025▶ 19:52Howard Marks – Navigating Private Credit (EP.439)
Insight
Marks: Private credit draws down less because valuations ignore market psychology
“Private credit and other private assets do not mark to market in the sense of reflecting the swings of psychology. When you go through a tough period and high yield bonds are down 10% and private credits down two percent, I think that's the explanation.”
Howard MarksApr 7, 2025▶ 26:22Howard Marks – Navigating Private Credit (EP.439)
Insight
Howard Marks: Private credit managers like avoiding mark-to-market accounting during downturns
“The people who run these funds Pretty much like the fact that they don't mark the market, because then in the bad times when the headlines in the papers are so negative, they don't have to go to the treasurer of the organization and say, we're down 10%. They c…”
Howard MarksApr 7, 2025▶ 29:23Howard Marks – Navigating Private Credit (EP.439)
Insight
Marks: Leveraged buyout math breaks down when borrowing costs hit 10%
“In the 20 teens, you could borrow money at six percent to do private equity deals. Now you have to pay it probably a nine to 10. Well, if you're going to buy a company and make 10 or 11% a year, you have to pay nine to 10% for the money, then a leveraged acqui…”
Howard MarksApr 7, 2025▶ 36:57Howard Marks – Navigating Private Credit (EP.439)
PredictionOpen · timeframe Apr 2030
Marks: The post-2022 higher interest rate regime is structural and long-lasting
“I wrote a memo in December, 22, called The Sea Change, and it talked about the change in the interest rate climate, which I think is structural and long-lasting.”
Howard MarksApr 7, 2025▶ 41:39Howard Marks – Navigating Private Credit (EP.439)
Made with StarZero
Turn any episode into a week of clips.
This entire site, over 700 episodes transcribed, diarized, checked and made playable,
runs on the StarZero media pipeline. Drop in your own episode and the podcast clipper finds the
moments worth sharing, cuts them, captions them, and reframes them for every feed.
We use essential cookies to make the site work. With your permission we
also use analytics cookies (Google Analytics and Mixpanel) to understand
usage and improve StarZero. See our Cookie Policy.