Insight into mistakes.

Photographer: Brent Lewin/Bloomberg

Howard Marks on Why People Repeat Financial Errors

Barry Ritholtz is a Bloomberg View columnist. He founded Ritholtz Wealth Management and was chief executive and director of equity research at FusionIQ, a quantitative research firm. He blogs at the Big Picture and is the author of “Bailout Nation: How Greed and Easy Money Corrupted Wall Street and Shook the World Economy.”
Read More.
a | A

This week on our Masters in Business radio podcast, we speak with Howard Marks, co-chairman of Oaktree Capital Group.

In our discussion, Marks explains what "second-level thinking" means for investors and why so many people make the same financial errors. Marks, who holds an MBA from the University of Chicago's Booth School of Business, started as an equity researcher for Citigroup, and later led the TCW Group in distressed debt, high-yield bonds and convertible securities. In 1995, he co-founded Oaktree, whose distressed-debt funds have averaged annual returns of 19 percent. At Warren Buffett's urging, he wrote the book "The Most Important Thing."

The full podcast is available on iTunesSoundCloud and Bloomberg. Earlier podcasts can be found on iTunes and at

Next week, we sit down with international economist Dambisa Moyo.

This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.

To contact the author on this story:
Barry L Ritholtz at

To contact the editor on this story:
James Greiff at