Howard Marks: Oaktree Capital, Investment philosophy, Risk and Randomness

This podcast episode features an interview with Howard Marks, co-founder of Oaktree Capital. Marks shares his journey into finance and discusses his investment philosophy, which emphasizes risk control and specialization in less efficient markets. He highlights the importance of understanding market cycles and the limits of knowledge in decision-making. The conversation also explores the concept of market efficiency, the unpredictability of human behavior, and the dangers of excessive certainty. Marks emphasizes the need for proper risk management and the importance of contrarian thinking in investing. Overall, the episode provides insights into Marks' philosophy and the key principles that guide his investment approach.