Bitcoin or Gold? Oaktree’s Howard Marks Sees Little Difference

Howard Marks, co-founder of Oaktree Capital Management, discusses the value of Bitcoin compared to gold, the current investment environment, and the importance of high-yield bond funds for investors. He highlights that Bitcoin is only worth what people will pay for it and suggests that instead of Bitcoin or gold, investors should consider high-yield bond funds. Marks also emphasizes the impact of low interest rates on investment markets and differentiates between investments with intrinsic value and those without. He compares the limited supply of Bitcoin and gold, expressing a preference for gold due to its reliability. The podcast also touches on the admiration for successful investors, Bitcoin's lack of intrinsic value, and the difficulty in determining its value.