Squawk on the Street SOTS 2nd Hour: Apollo's Chief Economist, Fmr. Fed Vice Chair Talks Policy, & Exclusive: Oaktree's Howard Marks 10/13/25
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Oct 13, 2025 
Howard Marks, Co-Chairman of Oaktree Capital, shares insights on market cycles, the psychology behind bubbles, and the current state of AI valuations, likening them to a bubble yet noting a lack of manic behavior. Tom Michaud, CEO of KBW, discusses the banking sector's earnings outlook amid credit trends and M&A activity, identifying which banks are poised for growth. The conversation covers shifting economic dynamics shaped by tariffs and potential Fed policy impacts on inflation, adding depth to the market landscape.
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Gold Driven By Multiple Structural Forces
- Gold is rising on inflation risks, Chinese household ETF demand, and central bank buying amid geopolitical shifts.
- These buyers can be price-insensitive and sustain higher gold prices.
How The Memo Series Began
- Howard Marks recounted writing his first memo in 1990 without a plan and mailing copies to 50 clients.
- The memos later grew into 160-plus letters relied on by investors worldwide.
Timing Made Marks An Overnight Success
- Marks gained wide attention after correctly calling the 2000 tech bubble early.
- Timely accuracy amplified credibility and made his memos influential.