Barry Ritholtz, Columnist

Howard Marks on Cycles and Valuation

An amazing track record.

February 22, 2017 at 4:38 PM UTC

Barry Ritholtz is a former Bloomberg Opinion columnist. He is chairman and chief investment officer of Ritholtz Wealth Management, and was previously chief market strategist at Maxim Group. He is the author of “Bailout Nation.”

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This week on our Masters in Business radio podcast we speak with Howard Marks of Oaktree Capital and the author of the highly regarded “The Most Important Thing.” We last had him in the studio July 2015, and we were overdue for a revisit. (You can hear that earlier interview here).

Marks, perhaps best known for his Chairman’s Memos, formed Oaktree Capital with his partners in 1995, investing in high-yield bonds, distressed debt and private equity. Oaktree now manages more than $100 billion in assets with average annual returns of more than 19 percent after fees during the past 22 years. That is, by any measure, an amazing track record.