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Howard Marks, CFA
Co-Chairman at Oaktree Capital Management
Sea change (idiom): a complete transformation, a radical change of direction in attitude, goals . . . (Grammarist)
In my 55 years in investing, I’ve seen a number of economic cycles, pendulum swings, manias and panics, bubbles and crashes, but I remember only two real sea changes. We may be in the midst of a third one today, bringing a significant and possibly lasting change in the investment environment. The environment since 1980 — when the fed funds rate peaked at 20% before beginning a 40-year downtrend — was great for equity ownership and the use of leverage. But if the environment will be quite different in the years ahead, as I believe, the favored strategies are likely to be different as well. That means a reappraisal of portfolio construction is called for.
Howard Marks, CFA
Co-Chairman
Since the formation of Oaktree in 1995, Mr. Marks has been responsible for ensuring the firm’s
adherence to its core investment philosophy; communicating closely with clients concerning
products and strategies; and contributing his experience to big-picture decisions relating to
investments and corporate direction. From 1985 until 1995, Mr. Marks led the groups at The
TCW Group, Inc. that were responsible for investments in distressed debt, high yield bonds, and
convertible securities. Previously, Mr. Marks was with Citicorp Investment Management for 16
years, where from 1978 to 1985 he was Vice President and senior portfolio manager in charge of
convertible and high yield securities. Between 1969 and 1978, he was an equity research analyst
and, subsequently, Citicorp's Director of Research. Mr. Marks holds a B.S.Ec. degree cum laude
from the Wharton School of the University of Pennsylvania with a major in finance and an
M.B.A. in accounting and marketing from the Booth School of Business of the University of
Chicago. He is a CFA® charterholder. Mr. Marks is an Emeritus Trustee and Advisory Member
of the Investment Committee at the Metropolitan Museum of Art. He is a member of the
Investment Committee of the Royal Drawing School in London. He also serves on the Shanghai
International Financial Advisory Council and the Advisory Board of Duke Kunshan University
and is an Emeritus Trustee of the University of Pennsylvania, where from 2000 to 2010 he
chaired the Investment Board.
About the Event:
- 4:45 p.m. – Registration opens and passed hors d'oeuvres begin
- 5:00 p.m. – Cash bar opens
- 5:30 p.m. to 6:30 p.m. – Presentation
- 6:30 p.m. to 7:30 p.m. – Cash bar and networking
