I'm 80 and I wasted 25 years of my life. Don't make my mistake. - Howard Marks

About this video

Howard Marks, legendary investor and co-founder of Oaktree Capital, joins Sam and Shaan to discuss his evolution on AI, the principles of second-level thinking and superior investing, and the foundations of his 39-year partnership with Bruce Karsh. Marks reflects on how he raised an $11 billion distressed debt fund before the 2008 financial crisis, the role of humility and uncertainty in decision-making, and lessons on long-term partnerships and parenting.

Key takeaways

• Howard changed his mind about AI’s potential after learning from his son Andrew about recent advances; he now sees AI’s unprecedented autonomy and unpredictability as genuinely unique, though he believes certain human judgment—like evaluating people or situations with no historical precedent—may remain irreplaceable.
• Second-level thinking, the foundation of superior investing, requires variant perception (seeing something different from consensus) and the willingness to bet on that perception; this cannot be taught, only its importance can be explained—some people have the insight to do it, others don’t.
• Howard emphasizes that successful decisions require acknowledging uncertainty and trepidation; sentences starting with ‘I could be wrong’ or ‘I don’t know’ protect against catastrophic errors, whereas 100% conviction combined with high stakes creates the conditions for ruin.
• A successful long-term partnership requires mutual respect, shared values, and complementary skills; Howard and Bruce’s 39-year partnership succeeded because neither prioritizes financial maximization over shared principles, and each recognizes the other excels in different domains.
• Howard credits much of his early success to luck and timing rather than intentional decision-making; he didn’t adopt a conscious, values-driven approach to life choices until around age 50, suggesting that even successful people often succeed despite rather than because of their early choices.

Episode details: published July 15, 2026 · 351K views · 44:38 long. Summary written by Self Growth Videos from the episode itself. The business ideas, figures and results discussed are the hosts’ and guests’ own claims, shared as brainstorming and entertainment — not verified facts and not investment advice.

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