Investors are facing one of the most challenging backdrops in recent years

amid slowing economic growth, rising inflation, and geopolitical conflicts.

I'm Allison Nathan and this is exchanges at Goldman Sachs, great investors.

In this special series, Allison Mass, chairman of our investment banking division,

and Katie Koch, Chief Investment

Officer of Public Equities in our Asset Management Division, speak with the

world's most respected investors about their investing strategies, career trajectories, and their outlook for markets and economies.

I recently sat down with Katie Kach, who shared highlights from her conversation with Howard Marks,

co-chairman of Oaktree Capital Management, one of the world's largest investors in distressed securities.

Katie, Howard Marks is a big believer in market cycles, and he's made a career of investing during periods when others were, I mean frankly, just afraid to do so.

So what did you learn from your conversation with Howard about his ability to maintain conviction during past downturns.

Allison, this was a really timely conversation with Howard because obviously

we're in a pretty challenging market cycle at the moment and it was great to hear his wisdom on these

cycles and he believes that we are at a point where things are actually somewhat

attractively valued not everything but things, which you'll hear more

about in the interview. He also talked about how this is a difficult time to maintain conviction

and investments when markets are difficult like they are right now and he spoke

about which I thought was quite poignant the importance of having great partners in

investing and how having a partner like Bruce Karsh, who we really respect and had

complementary skill set, helped him invest during these very difficult parts of the

cycle. And ultimately, as we know, this is really where there can be tremendous wealth creation to be a

buyer when many other people are sellers and to not be afraid about these

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