January 27, 2025· 54 min

How Oaktree's Howard Marks Spots a Market Bubble

Howard Marks

Orality

Model

68%

Oral-dominant (speeches, podcasts, storytelling)

Speaker Breakdown

HostJoe Weisenthal(1,031 words)

M:29%

HostTracy Alloway(1,346 words)

M:29%

GuestHoward Marks(5,919 words)

M:29%

Oral Indicators

Agonistic24%

literally, completely, incredible

Engagement83%

you, our, your

Memory Aids100%

listen, now, so

Repetition100%

know (101x), it's (63x), your (50x)

Parallelism100%

And I'm Joe Weisenthal...., So, Joe, we recently recorded ..., And I know that this is one of...

Sound Patterns52%

48 question(s), alliteration: "markets move", alliteration: "barclays brief"

Formulaic Phrases6%

you know what, i mean, so to speak

Literate Indicators

Hedging9%

maybe, probably, perhaps

Passive Voice7%

was called, be captured, is called

Abstract Nouns17%

investment, recommendation, concentration

Subordination5%

because, until, however

Sentence Length40%

Avg: 14.9 words/sentence

Word Complexity45%

investment, analyze, anticipate

Academic Markers3%

according to

Impersonal Style17%

771 personal pronouns found

Descriptive Style64%

literally, completely, recently

Description

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.

← Why the Stock Market Might Be at Peak Co...The AI Model That Tanked the Stock Marke... →