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Oaktree Capital's Marks: Investors Underestimate the Impact of AI

Oaktree Capital's Howard Marks warns that investors are significantly underestimating the profound and unpredictable impact of artificial intelligence. He argues that AI's transformative power is accompanied by inherent unpredictability—what it will do, what it won't do, and the extent of human job displacement—making traditional investment strategies based on future predictions insufficient. Citing Block's recent layoff of 4,000 employees as an example, Marks highlights the market's failure to grasp the depth of AI's disruption. He expresses caution about the cyclical nature of technology-driven market exuberance, noting that new innovations often hide risks until it's too late. Regarding investment strategy, Marks strongly advocates for equity over debt financing in AI companies. He believes that if investors are taking on fundamental business model risks posed by AI, they should participate as owners to capture the potential rewards, rather than as fixed-income investors.

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