by Barry Ritholtz, Bloomberg View
This week on our Masters in Business radio podcast, we speak with Howard Marks, co-chairman of Oaktree Capital Group.
In our discussion, Marks explains what "second-level thinking" means for investors and why so many people make the same financial errors. Marks, who holds an MBA from the University of Chicago's Booth School of Business, started as an equity researcher for Citigroup, and later led the TCW Group in distressed debt, high-yield bonds and convertible securities. In 1995, he co-founded Oaktree, whose distressed-debt funds have averaged annual returns of 19 percent. At Warren Buffett's urging, he wrote the book "The Most Important Thing."
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