How Oaktree's Howard Marks Spots a Market Bubble

Odd Lots

Bloomberg

News, Investing, Business, News Commentary, Business News

4.4 • 1.6K Ratings

🗓️ 27 January 2025

⏱️ 58 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

The run-up in Big Tech stocks and all the hype over AI has put a bunch of investors on "bubble watch." One of those is Howard Marks, the co-founder and co-chair of Oaktree Capital Management. Howard is one of the most famous credit investors in the world, but he has experience in stock market bubbles too. Back in early 2000 — right before the Nasdaq peaked — he pointed out the frothiness in equities in a famous note titled "Bubble.com." So how does he actually spot a market bubble? How does a bubble differ from a bull run? And what is he seeing right now? We chat with Howard about all these things, including his experiences both in 2000 and during the 2008 subprime crisis.

Read More: Can Howard Marks Spot a Stock Bubble Twice?

Only Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox — now delivered every weekday — plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlots

See omnystudio.com/listener for privacy information.

Transcript

Click on a timestamp to play from that location

0:00.0	89% of business leaders say AI is a top priority, according to research by Boston Consulting Group.
0:06.3	The right choice is crucial, which is why teams at Fortune 500 companies use Grammarly.
0:11.3	With top-tier security credentials and 15 years of experience in responsible AI,
0:16.4	Grammarly is how companies like yours increase productivity while keeping data protected in private.
0:21.8	See why 70,000 teams trust Grammarly at Grammarly.com slash enterprise.
0:27.4	The forces shaping markets and the economy are often hiding behind a blur of numbers.
0:32.1	So that's why we created the big take from Bloomberg Podcasts to give you the context you need to make sense of it all.
0:38.8	Every day in just 15 minutes,
0:40.5	we dive into one global business story that matters.
0:43.4	You'll hear from Bloomberg journalists, like Matt Levine.
0:46.4	A lot of this meme stock stuff is, I think,
0:48.2	embarrassing to the SEC.
0:50.6	Follow the Big Take podcast on the Iheart radio app,
0:53.5	Apple Podcasts, or wherever you listen.
0:59.5	Bloomberg Audio Studios.
1:01.9	Podcasts Radio News. Hello and welcome to another episode of the Odd Lots podcast. I'm Tracy Alloway.
1:19.8	And I'm Joe Wisenthall.
1:21.0	So Joe, we recently recorded an episode with Kevin Muir where we were talking about concentration risk in stock indices
1:29.7	and I guess historical analogies with the dot-com bubble of the 2000s. And I know that this is
1:36.3	one of your favorite subjects. I think I said it was like your own personal catnip. That's right.
1:41.6	And so I thought, you know what, I did not get Joe a Christmas
1:46.3	present this year. In fact, I don't think I've ever gotten you a Christmas present. But wouldn't
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Bloomberg, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Bloomberg and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.