Mark Twain's certainty warning
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.'
Snapshot · My First Million
Howard Marks: how I make money while you worry about a market crash
Explore episode
Jul 15, 2026
Where this was said
Only 1 Success: To Live Your Life Your Way
At 33:53 · 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
Oaktree shrank next fund after great returns
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 made unconscious decisions until age ~49
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.
Howard Marks Didn't Make a Conscious Decision Until He Was 49
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.
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