Snapshot · My First Million
Howard Marks admitted he made major life decisions haphazardly and without intention for his first 49 years, only beginning to live consciously when he co-founded Oaktree around 1995.
Where this was said
At 31:58 · chapter starts 27:37
Sam Parr poses the fundamental life question: how should a young person figure out what they actually want to do? Marks opens with a disarming confession: he was unconscious for roughly his first 49 years. He stumbled into Citibank because he'd had a good summer there. He moved into bonds because he was told to get out of equity research. He moved to California for the sunshine and palm trees. He says he's embarrassed at how terrible his decision-making process was — 'it's a misnomer to apply that term.' His saving grace was pure luck: being idle when a call came in about Michael Milken and high-yield bonds, at the right time, in the right place. The advice he gives to students at Wharton and Harvard is Christopher Morley's quote: 'There's only one success, to live your life your own way.' That means not letting friends, society, or parents decide for you. The hard part isn't the aspiration — it's that it requires knowing yourself, and you'll be a different person in twenty years. [1] — Howard Marks "Howard Marks admits he stumbled into every major career decision — Citibank, bonds, California — through luck and haphazard drift, not inte…" 31:58
Unusually, Oaktree made their next fund smaller after a great-performing fund, because strong results meant assets had appreciated and future opportunities were less attractive.
Howard Marks admits he stumbled into every major career decision — Citibank, bonds, California — through luck and haphazard drift, not intention. He only began living deliberately at roughly 49 when he co-founded Oaktree. The lesson: it's never too late to start.
Howard Marks quoted Mark Twain: 'It ain't what you don't know that gets you into trouble. It's what you know for certain that just ain't true.'
San Francisco's average rent rose 18% over the past two years to $3,728/month, surpassing New York City as the most expensive rental market in the country.
San Francisco's average monthly rent now stands at $3,728, surpassing New York City to become the most expensive rental city in the United States.
At a childhood sleepover, Bobby Lee's friends drew penises on his face and he walked 7 miles home on a dirt road before being picked up by Eric Purvis's mom.
In 1950, about 60% of the world lived in extreme poverty; today it's about 1 in 10, attributable to capitalist economic growth.
From 2021 to 2024, 6 million children fell below the poverty line in the US after the expanded child tax credit expired.
Private domestic infant and international adoptions typically cost $40,000 to $70,000, while foster care adoption is the most affordable route at $0 to $2,000.
Historically, only 40% of men have ever reproduced — Galloway uses this to argue that romantic success requires effort, not a hall pass.
Robby Hoffman is the 7th of 10 children raised in a Hasidic household in Montreal, where the family was poor and comedy was a survival mechanism.
Robby's Hasidic community had no concept of 'too soon' in comedy — if it was funny, you threw it, and if you bombed, your sibling told you immediately.
We use essential and analytics cookies to run Vuci. To understand how the site is used: Privacy Policy.
Install Vuci on your phone
Add it to your home screen for a faster, app-like experience.
Install Vuci on your phone
Tap the Share button, then “Add to Home Screen”.
A new version is available
Reload to get the latest Vuci.