This week, we continue our countdown of the most popular episodes of 2025 with the top three.

And the most popular episode of 2025 is the legend Howard Marks from Oak Tree.

I waited a while to have Howard on the show to capture a moment where one of his memos particularly caught my eye.

That happened when he wrote, Give Me Credit, earlier this year.

We dive into his thoughts on the implications of the growth of private credit for investors.

And with that, I hope you sprint to the finish line of the year with all the gusto in your soul

and come out on the other side of the ball drop with renewed excitement,

aspirations, and energy for the year ahead.

Hello, I'm Ted Sides and this is Capital Allocators.

This show is an open exploration of the people and process behind capital allocation.

Through conversations with leaders in the money game, we learn how these holders of the

keys to the kingdom allocate their time and their capital.

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All opinions expressed by TED and podcast guests are solely their own opinions and do not reflect the opinion of capital allocators or their firms.

This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Clients of capital allocators or podcast guests may maintain positions in securities discussed on this podcast.

My guest on today's show is Howard Marks, a renowned investment thinker and the co-founder and co-chairman of Oak Tree Capital Management.

A leading global investment firm overseeing $200 billion,

primarily in credit investments that's majority owned by Brookfield Asset Management.

Our conversation covers Howard's journey from his early days in finance to his current insights

on the evolving credit landscape. We dive into themes from his latest memo,

Gimmy Credit, exploring the pendulum swings in investor sentiment,

...