Howard Marks, Oaktree Capital co‑chairman, appeared on Nikhil Kamath’s “People by WTF” podcast released May 5, 2026.
He emphasized preparation over prediction, describing market cycles as excesses and corrections with S&P 500 averaging ~10% annual return.
Marks cautioned on AI’s limits, viewing it as pattern‑matching and stressing the need for exceptional human judgment.
The conversation highlighted intentionality in entrepreneurship, credit investing insights, and the importance of continual learning at age 80.