Pepperdine University Hosts Fireside Chat with Renowned Investor Howard Marks

MALIBU, California – Pepperdine University welcomed Howard Marks, co-chair and founding principal of Oaktree Capital Management, for a fireside chat on Tuesday at Smothers Theatre on the Malibu campus. The event, moderated by Jeffrey Rohde, Pepperdine’s Chief Investment Officer, brought together more than 400 students, alumni, faculty, and staff in person and via livestream to explore investing, risk, market cycles, and the lessons of a decades-long career in finance.

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Rohde opened the discussion by introducing Marks and emphasizing the value of learning from an investor whose career has spanned half a century.

“Howard Marks is one of the most trusted voices in the investment community,” Rohde said.

Marks traced his early career and education path, explaining how he combined practical and theoretical training to develop his investment approach. “The combination of pragmatic and theoretical education was very, very, very helpful,” he said. “Experience is what you get when you don’t get what you wanted… It’s very desirable to learn your lessons early, when there isn’t a lot of money at stake.”

He shared his long-standing philosophy on risk, emphasizing that volatility is not the same as risk. “Risk is the probability of a negative outcome,” Marks explained. “There’s no such thing as the certainty of a high return. Success comes from evaluating intrinsic value, being patient, and acting when others are fearful.”

Reflecting on Oaktree’s approach during the 2008 financial crisis, Marks described the importance of discipline and contrarian thinking. “We were ready to act when others were afraid,” he said. “Good investing isn’t about buying things—it’s about buying things well.”

Marks also offered guidance on evaluating assets in today’s market, including interest rates, cash, and emerging technologies. “When interest rates go down, investments become more valuable,” he said. On cash, he noted, “Cash is safe, unarguably,” Marks said. “The only risk of cash is the risk of not losing any money. But that comes with the lowest possible return.”

The discussion also explored the role of AI, gold, and cryptocurrency in modern portfolios. “Assets that produce cash flow—like companies, bonds, or buildings—can be valued,” Marks explained. “Assets that don’t produce cash flow, like gold or Bitcoin, have no intrinsic value; their price is based entirely on what people believe they are worth.”

On navigating career development and personal growth, Marks encouraged curiosity and a broad approach to learning. “Expand your knowledge by challenging your ideas, questioning your beliefs, and reading a variety of sources,” he said.

The conversation concluded with a discussion of philanthropy and values. “I was brought up with a saying from the Talmud: ‘If you’re not for others, what are you? If you’re not for yourself, who will be? If not now, then when?’” Marks said. “We all have a responsibility to balance these things. If you’ve been lucky in life, you must pay it back.  You should be jumping out of your skin, and you can't rest until you give it back. That’s part of what drives me every day.”

Pepperdine students left inspired by the rare opportunity to hear from a leader whose career spans decades of market cycles. “It’s incredible to be able to hear and learn from Howard Marks on our campus,” said Spencer Mueller, a Seaver College senior who serves as a student analyst for Pepperdine’s Office of Investment Management and is a cofounder of the Coastal Capital Club. “This was such a great opportunity, and it taught me that forging a career in finance isn’t just about luck—it’s something you can work toward and earn.”

The event highlighted Pepperdine’s commitment to connecting students and alumni with leading voices in finance while advancing thoughtful dialogue on values-driven leadership.

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About Howard Marks

Howard Marks is co-chair and founding principal of Oaktree Capital Management. Since the firm’s formation in 1995, he has been responsible for ensuring the firm’s adherence to its core investment philosophy and contributing to major investment and corporate decisions.

Previously, Marks led investment groups at the TCW Group focused on distressed debt, high-yield bonds, and convertible securities. He spent 16 years at Citicorp Investment Management, where he served as vice president and senior portfolio manager and later as director of research.

Marks serves on multiple boards and advisory councils, including Brookfield Corporation, the Metropolitan Museum of Art, and Duke Kunshan University. He is a CFA charterholder and earned his undergraduate degree from the Wharton School of the University of Pennsylvania and his MBA from the University of Chicago Booth School of Business.

About Pepperdine University

Pepperdine University is a private Christian university located 30 miles west of Downtown Los Angeles in Malibu, California. Rooted in the Christian tradition, Pepperdine is committed to both the relentless pursuit of truth through academic and scholarly excellence and to embodying Christian faith and values. With students at the heart of the educational enterprise, the University prepares approximately 9,000 scholars for lives of purpose, service, and leadership across its flagship liberal arts school, Seaver College; the Pepperdine College of Health Science; and four graduate schools—the Caruso School of Law; the Pepperdine Graziadio Business School; the Graduate School of Education and Psychology; and the School of Public Policy. Follow Pepperdine on Facebook, Twitter, Instagram, and LinkedIn.

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