169: Unlocking Investment Wisdom - With Howard Marks, Co-Founder of Oaktree Capital Management

In this episode of the Money Maze Podcast, Simon Brewer interviews Howard Marks, co-founder of Oaktree Capital, about his investment philosophy and career. Marks discusses his early interest in accounting, his transition to high-yield bonds, and the importance of buying things well rather than just buying good things. He emphasizes the role of cycles in the market, the need for intellectual humility, and the illusion of knowledge in forecasting. Marks also touches on the challenges facing private equity in a changing interest rate environment, the importance of qualitative judgments, and the role of luck in success. He concludes with advice for those starting in finance, stressing the importance of finding fulfillment and living life on one's own terms.