Ep 205: Howard Marks - You Can’t Predict, But You Can Prepare - A Framework for Positioning Portfolios

In this special episode of Inside the Rope, David Clark welcomes one of the most influential voices in global investing — Howard Marks, Co-Founder and Co-Chairman of Oaktree Capital Management. Known worldwide for his acclaimed investment memos, often cited by Warren Buffett as essential reading, Howard has shaped how generations of investors think about risk, cycles, and second-level thinking. In this rare and intimate conversation, Howard reflects on his remarkable journey — from being “banished” to high-yield bonds at Citibank in the 1970s, to pioneering distressed debt investing, and ultimately co-founding Oaktree, now managing over $200 billion in alternative assets. He shares timeless lessons on mastering market psychology, developing an edge in a world of efficient markets, and why success in investing comes not from predicting the future but from preparing for it. Gain unparalleled insight into Howard’s approach to risk, his candid views on assets like gold and Bitcoin, and his concept of “Invescon,” a practical framework for positioning portfolios across cycles. In an environment of uncertainty and market noise, Marks provides frameworks to help investors prepare rather than predict. Clarity and wisdom from one of the greatest investors of our time.