Squawk Pod: Private credit woes & psychedelic wins - 04/20/26 | Audio Only

Watch on YouTube ↗  |  April 20, 2026 at 17:53  |  47:21  |  CNBC
Speakers
Howard Marks — Co-Chairman, Oaktree Capital Management
Steve Liesman — Senior Economics Reporter
Dr. Scott Gottlieb — fmr FDA Commissioner

Summary

The episode covers a range of topics including the state of private credit, the outlook for interest rates under potential Fed Chair Kevin Warsh, and advancements in cancer treatments and psychedelic therapies. Howard Marks offers his perspective on market valuations and the MAG7, while Dr. Scott Gottlieb discusses biotech innovation.

  • Howard Marks discusses the private credit market and cautions that the underlying investments are sound if done wisely, but some managers may have made poor decisions.
  • Howard Marks expresses a positive view on the MAG7 stocks, citing their quality and reasonable valuations.
  • Steve Liesman reports on Kevin Warsh's tech connections and how his approach to the Fed could lead to earlier rate cuts in response to AI productivity.
  • Dr. Scott Gottlieb explains the significance of Eli Lilly's acquisition of a cancer biotech and the promise of in vivo CAR-T therapies.
  • Dr. Scott Gottlieb discusses the executive order on psychedelics and its potential to expedite the development of treatments for mental health conditions.
  • The hosts discuss the inconsistency in the U.S. government's stance on Anthropic's AI model, which is being used by the NSA despite being labeled a supply chain risk.
Trade Ideas
Steve Liesman Senior Economics Reporter 12:07
Warsh's Fed could mean lower rates sooner.
Kevin Warsh, if confirmed as Fed chair, is likely to front-run productivity gains from AI and technology, which could lead to lower interest rates earlier than under other Fed chairs because he believes in betting on technology before it shows up in the data.
TLT MED
Howard Marks Co-Chairman, Oaktree Capital Management 21:27
MAG7 are high quality and reasonably priced.
The MAG7 (the seven largest tech companies) are the best companies he has ever seen, and their current P/E ratios in the 30s are reasonable compared to historical examples like the nifty50 that traded at P/E ratios of 60-90. He believes they are not overvalued and are of high quality.
MAG7 HIGH
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This CNBC video, published April 20, 2026, features Steve Liesman, Howard Marks discussing TLT, MAG7. 2 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Steve Liesman, Howard Marks  · Tickers: TLT, MAG7