Episode Summary
In this episode, John Nicola, Chairman and CEO of Nicola Wealth, is joined by Howard Marks, Co-Chair of Oaktree Capital Management. Together, they explore the current economic landscape. They begin the conversation with insights on interest rates and inflation, then delve into topics like bargain and behavioural investing. The discussion also touches on the potential sources of returns—whether from beta or alpha activity. The episode ends with Howard sharing valuable advice for investors navigating the uncertainties in the months ahead.
Episode Featured on:
The Wealth Exchange
The Wealth Exchange podcast provides insight, innovation, and access to the experts on a wide range of topics affecting affluent families across Canada. Join our team of hosts as they sit down with leaders and changemakers from around the globe to discuss investing, leadership, philanthropy, entrepreneurship, and more.
Guest Bio
Howard Marks, Co-Chairman, Oaktree Capital Management
Since the formation of Oaktree in 1995, Mr. Marks has been responsible for ensuring the firm’s adherence to its core investment philosophy; communicating closely with clients concerning products and strategies; and contributing his experience to big-picture decisions relating to investments and corporate direction.
From 1985 until 1995, Mr. Marks led the groups at The TCW Group, Inc. that were responsible for investments in distressed debt, high yield bonds, and convertible securities. He was also Chief Investment Officer for Domestic Fixed Income at TCW. Previously, Mr. Marks was with Citicorp Investment Management for 16 years, where from 1978 to 1985 he was Vice President and senior portfolio manager in charge of convertible and high yield securities. Between 1969 and 1978, he was an equity research analyst and, subsequently, Citicorp's Director of Research.
Mr. Marks holds a B.S.Ec. degree cum laude from the Wharton School of the University of Pennsylvania with a major in finance and an M.B.A. in accounting and marketing from the Booth School of Business of the University of Chicago, where he received the George Hay Brown Prize. He is a CFA® charterholder. Mr. Marks is an Emeritus Trustee and member of the Investment Committee at the Metropolitan Museum of Art. He is a member of the Investment Committee of the Royal Drawing School and is Professor of Practice at King’s Business School (both in London). He serves on the Shanghai International Financial Advisory Council and the Advisory Board of Duke Kunshan University. He is an Emeritus Trustee of the University of Pennsylvania, where from 2000 to 2010 he chaired the Investment Board.
About the Host - John Nicola, Chairman & CEO, Nicola Wealth
A veteran of the financial services industry since 1974, John provides strategic leadership to Nicola Wealth, exercising his passion for providing innovative solutions to clients’ complex problems.
His areas of expertise include investment management, estate and financial planning, as well as business planning with a focus on best practices for wealth building, exit strategies, and shareholder agreements.
In 2015 John was named the Winner of Business In Vancouver’s BC CEO of the Year Award – Small-Medium Private Company, in 2016 John was recognized as one of Canada’s Most Admired CEOs, and most recently, John was announced as one of ten national winners of the prestigious Ernst & Young Entrepreneur Of The Year 2022 Award.
John currently serves as Chair of the Nicola Wealth Board of Directors. Additionally, he is a Founding Member of CALU (Conference for Life Underwriters) and has continued to contribute to the organization for example, by serving as Chair for the 2003 annual meeting.
John has used his business acumen to help develop and grow several not-for-profit organizations over a number of years. These include Covenant House, an organization providing safe housing and holistic care to at-risk youth ages 12-24, The Pivot Law Society, a volunteer legal society defending the underrepresented issues facing Vancouver’s Downtown Eastside, and Bulembu International, a foundation dedicated to helping an abandoned African mining village become self-sufficient.
Disclaimer
This presentation contains the current opinions of the presenter and such opinions are subject to change without notice. This material is distributed for informational purposes only and is not intended to provide legal, accounting, tax or specific investment advice. Please speak to your NWM advisor regarding your unique situation. Forecasts, estimates, and certain information contained herein are based upon proprietary research and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. NWM Fund returns are quoted net of fund-level expenses. Past performance is not indicative of future results. All investments contain risk and may gain or lose value. Projected returns are estimates only. Returns are not guaranteed. NWM is registered as a Portfolio Manager, Exempt Market Dealer and Investment Fund Manager with the required provincial securities’ commissions in Canada.
