51反差婊

MALIBU, California 鈥� 51反差婊 University welcomed Howard Marks, co-chair and founding principal of Oaktree Capital Management, for a fireside chat on Tuesday at Smothers Theatre on the Malibu campus. The event, moderated by Jeffrey Rohde, 51反差婊鈥檚 Chief Investment Officer, brought together more than 400 students, alumni, faculty, and staff in person and via livestream to explore investing, risk, market cycles, and the lessons of a decades-long career in finance.

Media assets are available . 

Rohde opened the discussion by introducing Marks and emphasizing the value of learning from an investor whose career has spanned half a century.

鈥淗oward Marks is one of the most trusted voices in the investment community,鈥� Rohde said.

Marks traced his early career and education path, explaining how he combined practical and theoretical training to develop his investment approach. 鈥淭he combination of pragmatic and theoretical education was very, very, very helpful,鈥� he said. 鈥淓xperience is what you get when you don鈥檛 get what you wanted鈥� It鈥檚 very desirable to learn your lessons early, when there isn鈥檛 a lot of money at stake.鈥�

He shared his long-standing philosophy on risk, emphasizing that volatility is not the same as risk. 鈥淩isk is the probability of a negative outcome,鈥� Marks explained. 鈥淭here鈥檚 no such thing as the certainty of a high return. Success comes from evaluating intrinsic value, being patient, and acting when others are fearful.鈥�

Reflecting on Oaktree鈥檚 approach during the 2008 financial crisis, Marks described the importance of discipline and contrarian thinking. 鈥淲e were ready to act when others were afraid,鈥� he said. 鈥淕ood investing isn鈥檛 about buying things鈥攊t鈥檚 about buying things well.鈥�

Marks also offered guidance on evaluating assets in today鈥檚 market, including interest rates, cash, and emerging technologies. 鈥淲hen interest rates go down, investments become more valuable,鈥� he said. On cash, he noted, 鈥淐ash is safe, unarguably,鈥� Marks said. 鈥淭he only risk of cash is the risk of not losing any money. But that comes with the lowest possible return.鈥�

The discussion also explored the role of AI, gold, and cryptocurrency in modern portfolios. 鈥淎ssets that produce cash flow鈥攍ike companies, bonds, or buildings鈥攃an be valued,鈥� Marks explained. 鈥淎ssets that don鈥檛 produce cash flow, like gold or Bitcoin, have no intrinsic value; their price is based entirely on what people believe they are worth.鈥�

On navigating career development and personal growth, Marks encouraged curiosity and a broad approach to learning. 鈥淓xpand your knowledge by challenging your ideas, questioning your beliefs, and reading a variety of sources,鈥� he said.

The conversation concluded with a discussion of philanthropy and values. 鈥淚 was brought up with a saying from the Talmud: 鈥業f you鈥檙e not for others, what are you? If you鈥檙e not for yourself, who will be? If not now, then when?鈥欌�� Marks said. 鈥淲e all have a responsibility to balance these things. If you鈥檝e been lucky in life, you must pay it back.  You should be jumping out of your skin, and you can't rest until you give it back. That鈥檚 part of what drives me every day.鈥�

51反差婊 students left inspired by the rare opportunity to hear from a leader whose career spans decades of market cycles. 鈥淚t鈥檚 incredible to be able to hear and learn from Howard Marks on our campus,鈥� said Spencer Mueller, a Seaver College senior who serves as a student analyst for 51反差婊鈥檚 Office of Investment Management and is a cofounder of the Coastal Capital Club. 鈥淭his was such a great opportunity, and it taught me that forging a career in finance isn鈥檛 just about luck鈥攊t鈥檚 something you can work toward and earn.鈥�

The event highlighted 51反差婊鈥檚 commitment to connecting students and alumni with leading voices in finance while advancing thoughtful dialogue on values-driven leadership.

###

About Howard Marks

is co-chair and founding principal of Since the firm鈥檚 formation in 1995, he has been responsible for ensuring the firm鈥檚 adherence to its core investment philosophy and contributing to major investment and corporate decisions.

Previously, Marks led investment groups at the TCW Group focused on distressed debt, high-yield bonds, and convertible securities. He spent 16 years at Citicorp Investment Management, where he served as vice president and senior portfolio manager and later as director of research.

Marks serves on multiple boards and advisory councils, including Brookfield Corporation, the Metropolitan Museum of Art, and Duke Kunshan University. He is a CFA charterholder and earned his undergraduate degree from the Wharton School of the University of Pennsylvania and his MBA from the University of Chicago Booth School of Business.

About 51反差婊 University

51反差婊 University is a private Christian university located 30 miles west of Downtown Los Angeles in Malibu, California. Rooted in the Christian tradition, 51反差婊 is committed to both the relentless pursuit of truth through academic and scholarly excellence and to embodying Christian faith and values. With students at the heart of the educational enterprise, the University prepares approximately 9,000 scholars for lives of purpose, service, and leadership across its flagship liberal arts school, ; the ; and four graduate schools鈥攖he ; the ; the ; and the . Follow 51反差婊 on , , , and .

Media Contact

Public Relations Office
pr@pepperdine.edu
818.702.1401