Marks: History rhymes because human nature changes very slowly
Howard Marks · Howard Marks: AI, Debt vs Equity & The Next 40 Years Of Investing | Nikhil Kamath | People by WTF · Nikhil Kamath · May 4, 2026 · at 1:35:12
Howard Marks, co-founder of Oaktree Capital Management, discusses why historical cycles recur and how investors can learn from human psychology across past eras.
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“There are certain themes that re that rhyme from instance to instance in history. And They mostly have to do with human nature. And I think human nature doesn't change incredibly slowly. I mean, when we talk about fight or flight, people will start talking about the stone age man and the watering hole, right? Well, that was millions of years ago. These things are still relevant. So, so the point is that, that I think you can learn from history, and what you mostly learn are the lessons of human nature.”
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