Oaktree Capital Management chairman, Wharton alum, offers career advice to students
Georgina Russell, WG'07
Issue date: 3/27/06 Section: Insider
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While the first year Wharton MBA jobless claims have yet to be publicly released, one might expect them to come in around 3%. But that's alright, because if you listen to Howard Marks, proclaimed "hitter" and Chairman of Oaktree Capital Management, sometimes the wrong guy gets the job.
Howard Marks spoke to students as part of the Wharton Investment Management Club Speaker Series earlier this semester. Marks holds a Bachelor's Degree from Wharton in Finance and an MBA in Accounting and Marketing from the University of Chicago. He founded Oaktree Capital Management, an investment firm which specializes in 13 investment areas including High Yield and Distressed Debt, in 1995.
In 1970, Marks was a job applicant at a Wall Street Firm. He'd made it to the final round of interviews, where only he and another candidate remained. And then … he got dinged. Years later, Marks came into contact with one of his interviewers. They exchanged letters at that time, and the former interviewer closed his correspondence to Marks with something to the effect of, "and hey, if you ever want to know why you didn't get the job, give me a call!"
Even hitters can't resist temptations like that. Marks reached for the phone and made the call. He identified himself and the reason for his call - to find out why they didn't hire him decades ago. The voice on the other end said, "we gave the job to the wrong guy."
Thinking the statement reflected little more than graciousness on the interviewer's part, Marks earnestly replied, "Oh, that's nice of you to say."
To which the interviewer replied, "No, we honestly gave the job to the wrong guy. The MD came in that morning and called the wrong person and offered him the job."
With an education in finance and accounting, one would expect Howard Marks to be detailed oriented - he is. But what makes him more interesting is his ability to step back and condense the deluge of details one faces in making investments into a simple outline of "guiding principles." Maybe it's Marks' other degree - in marketing - that has made him so good at framing the world in which he operates. Regardless, he is convincing, and can make one feel comfortable putting money in his hands despite the fact that he will in turn allocate it to what would otherwise be considered risky investments.
Howard Marks spoke to students as part of the Wharton Investment Management Club Speaker Series earlier this semester. Marks holds a Bachelor's Degree from Wharton in Finance and an MBA in Accounting and Marketing from the University of Chicago. He founded Oaktree Capital Management, an investment firm which specializes in 13 investment areas including High Yield and Distressed Debt, in 1995.
In 1970, Marks was a job applicant at a Wall Street Firm. He'd made it to the final round of interviews, where only he and another candidate remained. And then … he got dinged. Years later, Marks came into contact with one of his interviewers. They exchanged letters at that time, and the former interviewer closed his correspondence to Marks with something to the effect of, "and hey, if you ever want to know why you didn't get the job, give me a call!"
Even hitters can't resist temptations like that. Marks reached for the phone and made the call. He identified himself and the reason for his call - to find out why they didn't hire him decades ago. The voice on the other end said, "we gave the job to the wrong guy."
Thinking the statement reflected little more than graciousness on the interviewer's part, Marks earnestly replied, "Oh, that's nice of you to say."
To which the interviewer replied, "No, we honestly gave the job to the wrong guy. The MD came in that morning and called the wrong person and offered him the job."
With an education in finance and accounting, one would expect Howard Marks to be detailed oriented - he is. But what makes him more interesting is his ability to step back and condense the deluge of details one faces in making investments into a simple outline of "guiding principles." Maybe it's Marks' other degree - in marketing - that has made him so good at framing the world in which he operates. Regardless, he is convincing, and can make one feel comfortable putting money in his hands despite the fact that he will in turn allocate it to what would otherwise be considered risky investments.