Tuesday, 28 October 2008

Howard Marks: staring into the abyss

No, not Howard Marks the pothead. That would be a story. I'm talking about Howard Marks the chairman of Oaktree Capital Management. Now, dear reader, I know what you're saying to yourself. Oh, I ain't reading about no square financier. I want the other Howard Marks. But don't switch off. This Howard Marks is a cool guy. A very cool guy. He's been staring into the abyss. Yes, it's true. And he hasn't been anywhere near any waccy baccy.

This is what Howard says: 'Some people think I'm crazy. Some people think I'm stoned or something. But I believe in a natural high. Buying distressed debt is what gets me going. It makes me feel wild. Like I'm staring into the abyss. Like I'm in the desert, all alone. Like I'm at a Doors concert, dancing naked, all those years ago, I was but a child. Man, can you believe your readers think I'm a square?'

Howard, man, I can't believe it. You're the hippest financier I've ever met.