Howard Marks · Oaktree · 24 March 2026

“And if you bought the stocks the day I got to work in '69 and you held them for five years, the greatest companies in America, you lost about 95% of your money.”

Listen at the timestamp · See it in context

Verbatim excerpt with a timestamp. The full recording is at the source; we link out and do not host it. Everything Howard Marks is on record saying.