Howard Marks Investor Series

Discussions between investment thought leaders and host Howard Marks, W’67

Sharing Practical Perspectives on Investing

The Howard Marks Investor Series at The Wharton School brings high-profile investors to campus to share real, practical perspectives. Each event features a fireside chat style conversation between Howard Marks, W’67,and an investment community thought leader, often with a special focus on value investing.
The series is managed by Professor Christopher Geczy, Adjunct Professor of Finance, and Academic Director of the Wharton Wealth Management Initiative and the Jacobs Levy Equity Management Center for Quantitative Financial Research.

Upcoming Lectures

There are no public lectures currently scheduled.

Past Lectures

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Howard Marks, Co-Chairman, Oaktree Capital Management

September 2022.

Howard Marks (W’67), in discussion with Chris Geczy, Adjunct Full Professor of Finance, focuses on his latest memos, The Illusion of Knowledge, I Beg to Differ, and Selling Out. He answers pre-submitted questions moderated by two student moderators and questions from the in-person and virtual audiences. Opening remarks were given by Dean Erika James.

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Howard Marks, Director and Co-Chairman, Oaktree Capital Management

March 2022.

Howard Marks, with Adjunct Professor of Finance Chris Geczy, shares his insights on risk in investing, including where risk comes from, how it should be considered, and the relationship between risk and return. The conversation focuses on his latest memo, Risk Revisited Again.

Watch the video on the Wharton YouTube channel.
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Howard Marks, Co-Chairman, Oaktree Capital Management

November 2020.

In this 10th installment of the series, Howard Marks (W’67), in discussion with Chris Geczy, Adjunct Full Professor of Finance, focuses on this latest memo, Coming into Focus, regarding his economic forecast for a post-pandemic recovery. He answers pre-recorded questions from students and audience submitted questions and opening remarks were given by Dean Erika James.

Watch the video on the Wharton YouTube channel.  Listen to Howard’s interview on Wharton Business Daily here.

Video Disclaimer

The information presented herein is for educational and informational purposes only and do not constitute, and should not be construed as, an offer to sell, or a solicitation of an offer to buy, any securities or related financial instruments. Responses to any inquiry that may involve the rendering of personalized investment advice or effecting or attempting to effect transactions in securities will not be made absent compliance with applicable laws or regulations (including broker dealer, investment adviser or applicable agent or representative registration requirements), or applicable exemptions or exclusions therefrom.

This presentation contains information and views as of the date indicated and such information and views are subject to change without notice. Oaktree has no duty or obligation to update the information contained herein. Further, Oaktree makes no representation, and it should not be assumed, that past investment performance is an indication of future results. Moreover, wherever there is the potential for profit there is also the possibility of loss.

Certain information contained herein concerning economic trends and performance is based on or derived from information provided by independent third-party sources. Oaktree believes that such information is accurate and that the sources from which it has been obtained are reliable; however, it cannot guarantee the accuracy of such information and has not independently verified the accuracy or completeness of such information or the assumptions on which such information is based. Moreover, independent third-party sources cited in these materials are not making any representations or warranties regarding any information attributed to them and shall have no liability in connection with the use of such information in these materials.

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Howard Marks, Director and Co-Chairman, Oaktree Capital Management

February 2020.

Howard Marks, with Adjunct Professor of Finance Chris Geczy, discusses his career in investment management and how achieving greatness means taking risks.

Watch the video of this lecture event on the Wharton YouTube channel.
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Seth Klarman, CEO and Portfolio Manager, The Baupost Group LLC.

Fall 2018.

Moderated by Howard Marks in a fireside chat style discussion, Mr. Klarman answered questions on portfolio management, the role of technology in investing and the future of the economy.

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Howard Marks, W’67, Co-Chairman, Oaktree Capital

Spring 2018.

At this interactive event, Mr. Marks himself shared his insights on portfolio management, value investing, and other current topics.

Watch the full video here and read more on Knowledge@Wharton.

Bruce Karsh, Co-Chairman and Chief Investment Officer, Oaktree Capital

Spring 2017.

“Culture meant so much to us when we were starting out Oaktree. If we were going to build a firm, work hard, build a company and spend a lot of time there, we wanted to do it with people we really liked, respected, and enjoyed their company.”
Watch the full video.

Stephen Schwarzman, Chairman and CEO, The Blackstone Group

Spring 2016. 

“I insisted that everyone around the table speak, and they could only speak about analytic weaknesses in the deal and risks in the deal. So this is all geared to not losing money.”
Read article (K@W)

Stanley Druckenmiller, Chairman and CEO, Duquesne Family Office

Fall 2015. 

“I don’t really like hedging. To me if something needs to be hedged, you shouldn’t have a position in it.” Read article on CNBC.

Joel Greenblatt, W’79, WG’80, Managing Partner and Co-CIO, Gotham Asset Management

Spring 2015. 

“There was something about investing, about figuring out the puzzle, that was fun for me. Everything I read in the paper was relevant. I enjoyed the challenge of investing from the start.”
Watch the full video.

Seth Klarman, President and CEO, The Baupost Group, LLC

Fall 2014. 

“We never hold on for the last nickel. I think you make a big mistake when you do that. We never assume something will go past its fair value. We’ll let someone else make the last dollar or two.”
Read article on CNBC.

Howard Marks, Co-Chairman, Oaktree Capital

At the inaugural lecture of the Howard Marks Investor Series, Howard himself brought his world-class investment perspective to campus in an intriguing dialogue with students. Spring 2014. 

“Success in investing is not a function of what you buy.  It’s a function of what you pay.”
Read article (Wharton Blog Network).