An interview and Q&A with billionaire investors and founders of Oaktree Capital Management, Howard Marks & Bruce Karsh. In this interview, the gentlemen discuss how they got into distressed debt investing and starting and building Oaktree. The gentlemen also talk about their investment philosophies and business principles.
Howard Marks & Bruce Karsh: Creating Oaktree and Investment Philosophy
Source: Investors Archive, Oct 29, 2017
Video Segments:
0:00 Introduction
3:51 Early years, from law to investing?
7:28 First investments in distressed debt?
9:26 Cycles?
10:49 Why did you accept my pitch?
13:07 Raising a fund?
17:10 Invest within yourself
21:30 The first memo
23:43 Efficient market hypothesis
26:12 Thinking behind Fund 4?
28:46 Starting Oaktree
29:18 Motivations for starting Oaktree?
35:38 Sharing the fruits
38:21 Culture
39:28 Did you set out to build a brand? Investment philosophy and business principles?
42:50 Start of Q&A
43:18 How do you maintain an edge in a crowded field?
47:56 When is it time to change?
51:08 Where are we in the cycle?
53:03 Why did you take Oaktree public?
54:41 Academic or common sense analysis?
