Inside Oaktree: How Howard Marks Defends Capital When Everyone Else Chases Hype

A great business at a demanding price is still a valuation question. We examine Apple's moat, services mix, and cash generation against what 37x actually requires — and what Berkshire's exit does and doesn't tell you.

An oil shock transmits to India through the current account, the rupee, and the CPI print. We map the chain from a shipping chokepoint to your portfolio, and discuss whether the petrodollar framing holds up.

Anand's years on the Madras Stock Exchange floor, and what they taught him about how ordinary people destroy wealth. A conversation about lifestyle inflation, EMIs, and the unglamorous arithmetic of compounding.

Wipro near cash value, Natco under 10x earnings. Are these classic Graham bargains or value traps? We use both names to work through the difference between statistically cheap and genuinely undervalued.

Marks built Oaktree on a simple asymmetry — avoid permanent loss and the returns take care of themselves. We go through his framework on risk, cycles, and second-level thinking, and how to apply it in Indian markets.

Private credit has grown from a niche into a multi-trillion-dollar asset class with limited mark-to-market discipline. Marks' warning, the rate shock behind it, and why the historical analogy is instructive rather than predictive.

A handful of AI names now carry an outsized share of US index returns and capex. We trace the linkages from a single stock to jobs, credit, and inflation — and separate what's genuinely systemic from what's just concentration risk.

Buffett's record cash position is read by many as a crash call. We look at what the cash actually signals about valuations, why Berkshire's structure makes cash cheaper to hold than it is for you, and what retail investors should and shouldn't copy.

Headline GDP growth looks strong. Downward revisions, wage stagnation, and the gap between budget assumptions and ground reality tell a more complicated story. A first-principles look at reading India's macro data honestly.

India survived 1991 with a balance-of-payments crisis and came out reforming. Today's problem is different: stagnant wages, AI-driven hiring freezes, and a generation entering a narrower job market. Anand Srinivasan on why the comparison is uncomfortable but useful.