The Memo by Howard Marks
Howard Marks, co-chairman of Oaktree Capital Management, shares his investment memos that he has been writing since 1990. The podcast features his latest insights on the investment landscape and general business topics, released alongside or shortly after their publication.
Episodes
What's Going on in Private Credit?
In his latest memo, Howard Marks discusses the evolution of the sub-investment grade credit market from its beginnings in the 1970s to its present state. He focuses on the rise of direct lending following the Global Financial Crisis, identifying the reasons for its fast growth but also the issues created by rapid capital deployment. Looking ahead, he describes the entwined fates of direct
Reflections on Oaktree Conference 2026 with Howard Marks
In this special episode of The Insight: Conversations, Howard Marks shares his reflections on themes from Oaktree’s recent client conference, including the evolution of the credit markets, the nature of mispricings, and the importance of leadership.
AI Hurtles Ahead
In his latest memo – occasioned by massive changes he cites in just the 11 weeks since the last one – Howard Marks revisits the subject of AI, providing his observations on its essence and how it differs from previous technological innovations. He highlights AI’s immense power, speed, and autonomy; its limitations; and its potential implications for investing. He expresses convi
Is It a Bubble?
In his latest memo, Howard Marks addresses the much-asked question, “Is there a bubble in AI?” He identifies the uncertainty associated with AI investments and the conspicuous parallels to previous bubbles, while also acknowledging why those comparisons could be inappropriate. Given AI’s vast potential but numerous unknowns, no one can say for certain whether investors’ current enthusiasm
Cockroaches in the Coal Mine
In his latest memo, Howard Marks examines the recent string of well-publicized credit problems. He considers how they serve as a reminder that the yield premium offered by sub-investment grade credit isn’t a freebie, but rather compensation for bearing credit risk. While good times lead to complacency and elevated risk tolerance, bad times expose the results of that carelessness. Howard e
A Look Under the Hood
In his latest memo, Howard Marks offers observations based on his meeting with the board, consultant, and senior staff of a state pension fund. Howard explores the key topics covered during the session, including determining an appropriate risk posture, selecting an investment approach, and assessing performance. While these decisions are challenging, the board and its consultant applied
35 Years of Memos
To celebrate the 35th anniversary of his memos, Howard Marks recently held a fireside chat for Oaktree employees. Listen to an excerpt from the conversation to hear Howard discuss why he started writing and why he’s kept at it, and learn more about the enduring investment truths encapsulated by his memos.
The Calculus of Value
In his latest memo, Howard Marks sets forth the essence of value and price, as well as the critical relationship between the two. He posits that value exerts a ‘‘magnetic’’ influence on price, meaning the relationship of price to value should be expected to strongly influence investment performance in the long run, with high valuations presaging low subsequent returns, and vice versa
More on Repealing the Laws of Economics
In his latest memo, Howard Marks discusses the implications of governmental intervention in economies. Considering examples such as rent control, fire insurance, and tariffs, he emphasizes that while free markets don’t produce perfect solutions, efforts to control them often make things much worse. He argues that when allowed to function, the laws of economics create prosperity through in
30 Years of Oaktree
In celebration of Oaktree’s 30th anniversary on April 10, 2025, cofounders Howard Marks (Co-Chairman), Bruce Karsh (Co-Chairman and Chief Investment Officer), and Sheldon Stone (Principal and Co-Portfolio Manager, High Yield Bonds) held a fireside chat for employees where they shared stories about Oaktree’s origins and the firm’s journey over the last three decades. We’re excited to share
Nobody Knows (Yet Again)
In his latest memo, Howard discusses how the recent events surrounding tariffs can have a seismic but unpredictable impact on the global economy. Seismic in that they reflect a fundamental undoing of longstanding norms, and unpredictable in that tariffs would bring untold second- and third-order consequences. He emphasizes that there is no foreknowledge here, with forecasts ev
Gimme Credit
In his latest memo, Howard addresses a common question he’s been receiving over the last few months: “What about credit spreads?” He explains that the key question should be whether today’s spread is sufficient to offset the credit losses that’ll occur, rather than whether it’s historically narrow or not. Further, he emphasizes that spread widening is a short-term phenomenon and expresses
Behind The Memo: On Bubble Watch
In the latest episode of Behind the Memo, Howard discusses his recent memo, On Bubble Watch, which revisits a subject he first wrote about 25 years ago. He delves into the investor psychology that underpins a market bubble, and assesses the danger of letting excitement and fear of missing out override risk aversion.You can listen to or read the Memo here (https://www.oaktreecapital.com/in
On Bubble Watch
On January 2, 2000, Howard Marks published his first memo to garner any reader response, bubble.com, calling attention to excesses he detected in the market for tech and internet stocks. His newest memo revisits the subject of bubbles. Howard expresses his view that they’re more a state of mind than a quantitative calculation and describes bubble thinking as irrational, often underlaid by
Ruminating on Asset Allocation
In his latest memo, Howard Marks outlines the need to base asset allocation decisions around an established risk target. He describes the fundamental differences between ownership and debt, as well as the importance of finding the combination of the two that gets an investor’s portfolio to the desired position on the risk/return continuum. Finally, he expands on the increased ut
Shall We Repeal The Laws of Economics?
In his latest memo, Howard Marks discusses the economic facts of life, as he examines the workings of free markets and what happens when they’re tampered with. He considers what “price-gouging” actually means and how rents should be set. He ultimately argues that the laws of economics shouldn’t be overridden — even when it’s politically advantageous to do so – because of the loss to socie
Behind The Memo: The Impact of Debt with Howard Marks and Morgan Housel
In this special episode of Behind the Memo, Howard Marks is joined by Morgan Housel, the bestselling author and partner at the Collaborative Fund. They discuss ideas from Howard’s recent memo “The Impact of Debt,” which was inspired by Morgan’s article “How I Think About Debt.” They explore the relationship between leverage and longevity, the nature of risk, and the eternal relevance of V
Mr. Market Miscalculates
In his latest memo, Howard Marks discusses the reasons for the recent market volatility using one of finance’s classic metaphors: Mr. Market, the figure Benjamin Graham created in 1949 to explain the erratic nature of financial markets. Howard pulls together some of his best writing on investor psychology from the past three decades, adds some of his favorite investing cartoons, and
Behind the Memo: The Indispensability of Risk with Howard Marks, Bruce Karsh, and Maurice Ashley
In this episode of Behind the Memo, Howard Marks is joined by two special guests: Oaktree cofounder Bruce Karsh and the chess Grandmaster Maurice Ashley. In a wide-ranging conversation, they discuss Howard’s recent memo "The Indispensability of Risk" as well as the inspiration for that memo: Maurice’s Wall Street Journal article, "Chess Teaches the Power of Sacrifice." They cons
The Folly of Certainty
In his latest memo, Howard Marks discusses the importance of avoiding expressions of absolute certainty when operating in fields subject to randomness and human emotion, like politics, economics, and investing. He suggests that it’s better to have humility and acknowledge that the smartest thing to say is often “I don’t know.”You can read the memo here (https://www.oaktreecapital.com
The Insight: Conversations - Oaktree Conference 2024 Edition
In a special edition of The Insight: Conversations, you’ll hear excerpts from multiple sessions held during Oaktree’s recent biannual client conference. Oaktree co-chairman Howard Marks does a deep dive into his sea change thesis, members of Oaktree’s Global Credit team examine the most significant trends impacting the high yield bond and leveraged loan markets, and Oaktree’s Opport
Bonus Episode: Howard Marks on “In Good Company”
Oaktree Co-Chairman Howard Marks (https://www.linkedin.com/in/howardmarksbook/) joined the In Good Company podcast with Nicolai Tangen (https://www.linkedin.com/in/nicolai-tangen/). They discussed Howard's investment philosophy, risk management, and how to determine the quality of a decision.
The Impact of Debt
In his latest memo, Howard Marks examines the relationship between leverage and survivability, taking inspiration from a recent Collaborative Fund post by Morgan Housel. Howard explains why determining the appropriate amount of leverage should be about optimization, not maximization.You can read the memo here (https://www.oaktreecapital.com/insights/memo/the-impact-of-debt).
The Insight: Conversations – Volatility Ahead? Featuring Howard Marks, Armen Panossian, and David Rosenberg
Where are we in the market cycle? Why is it healthy to be uncertain? And what does it mean to actually “be opportunistic”? In the latest episode of The Insight: Conversations, Howard Marks (Co-Chairman), Armen Panossian (Co-CEO), and David Rosenberg (Head of Liquid Performing Credit) discuss these and other topics from the recently published Performing Credit Quarterly 1Q2024: Unusually U
The Indispensability of Risk
In his latest memo, Howard Marks considers what chess can teach investors about the paradox of risk-taking. Drawing on insights from a recent Wall Street Journal article (https://www.wsj.com/sports/chess-teaches-the-power-of-sacrifice-221db7b7) by chess grandmaster Maurice Ashley, Howard explains why not taking enough risk may be one of the riskiest strategies of all.You can read the
The Archive: You Bet!
In his 2020 memo You Bet!, Howard Marks explained what it means to “think in bets,” as he discussed the many parallels between investing and games of chance. Now you can listen to You Bet!, the first release from The Memo by Howard Marks: The Archive. We’ve received many requests for an audio library of the memos that Howard Marks has published over the last 34 years, so we’re g
Behind the Memo: Easy Money with Howard Marks and Edward Chancellor
In this special episode of Behind the Memo, Howard Marks is joined by journalist and financial historian Edward Chancellor to discuss ideas from Howard’s recent memo, Easy Money, which was inspired by Edward’s book, The Price of Time: The Real Story of Interest. They explore the history of interest rates, the profound impact they’ve had on financial markets, and the potential dangers
Easy Money
In his latest memo, Howard Marks considers what financial history can teach us about periods of easy money, the impact they have on investor behavior, and what happens when they end. He analyzes macroeconomic trends using insights from Edward Chancellor’s latest book The Price of Time: The Real Story of Interest to argue that we’re unlikely to soon see the return of the per
The Insight: Conversations – Walking into the Unknown with Howard Marks, David Rosenberg, and Aman Kumar
What is a “normal” investment environment? What might a recession in 2024 mean for liquid credit? What’s happening in life sciences lending today? Find out by listening to the latest episode of The Insight: Conversations with Howard Marks (Co-Chairman), David Rosenberg (Co-Portfolio Manager, Global Credit), and Aman Kumar (Co-Portfolio Manager, Life Sciences Lending). They
The Insight: Conversations – Special Episode with Annie Duke and Howard Marks
Special guest Annie Duke (former professional poker player, best-selling author) joins Howard Marks to discuss ideas from her book Thinking in Bets and Howard’s memo You Bet! They explore luck, decision quality, uncertainty, and more in this special episode of The Insight: Conversations.
The Insight: Conversations – Full Return World with Howard Marks and Armen Panossian
Howard Marks (Co-Chairman) and Armen Panossian (Head of Performing Credit) discuss topics related to Howard’s latest memo, Further Thoughts on Sea Change, and Oaktree’s recently published Performing Credit Quarterly 3Q2023 in this crossover episode of The Insight: Conversations and Behind the Memo. They consider the implications of the potential sea change reshaping the investment environ
Further Thoughts on "Sea Change"
In his latest memo, Howard Marks provides a follow-up to Sea Change (https://www.oaktreecapital.com/insights/memo/sea-change), his thought-provoking memo published in December 2022. He argues that the trends he highlighted in the original memo collectively represent a sweeping alteration of the investment environment that calls for significant capital reallocation. Further
The Insight: Conversations – Credit Picker’s Market with Wayne Dahl, Robert O’Leary, and Mark Jacobs
How have credit investors been successfully navigating the volatile interest rate environment? Which sectors currently look attractive to opportunistic credit investors? What are some of the major misconceptions about today’s commercial real estate market? In this episode of The Insight: Conversations, Wayne Dahl (Assistant Portfolio Manager, Global Credit), Robert O’Lea
Behind the Memo: Fewer Losers, or More Winners?
In the latest episode of Behind the Memo, Howard discusses his recent memo: Fewer Losers, or More Winners? He details the inspiration for the memo and explains why investors – like tennis players – need to consider their skill level, aspirations, and risk tolerance when asking themselves a fundamental question: Should I go for more winners, or try to avoid the losers?You can listen
Fewer Losers, or More Winners?
In his latest memo, Howard Marks discusses the essential choice in both investing and sports: should you go for more winners or try to eliminate losers? That is, should you emphasize aggressiveness or defensiveness? This is a key decision that every investor has to make thoughtfully, and the answer can be different for each person. The memo is read by LJ Ganser.You ca
The Insight: Conversations – European Credit at a Turning Point
Learn about the current state of European credit and the dramatic changes seen over the last year in this thought-provoking discussion with Armen Panossian (Head of Performing Credit), Madelaine Jones (Portfolio Manager, European Senior Loans and European High Yield Bonds), and Nael Khatoun (Head of European Private Debt). They consider the challenges created by the end of the easy
The Insight: Conversations – Fighting the Fed with Armen Panossian, Danielle Poli, and Megan Messina
Armen Panossian (Head of Performing Credit), Danielle Poli (Assistant Portfolio Manager, Global Credit), and Megan Messina (Head of CLO Capital Markets) discuss topics from the 2Q2023 Performing Credit Quarterly. They consider the current tug-of war between fiscal and monetary policy, opportunities in credit, and what many investors are getting wrong about today’s CLO market.
Taking The Temperature
In his latest memo, Howard Marks discusses five market calls he’s made during his career. He argues that investors seeking to take the temperature of the market should focus on understanding prevailing market psychology and the nature of cycles. Just as importantly, they should learn to control their own emotions and have the humility to know when not to make a call.The memo is read
The Insight: Conversations – This Time Might Be Different with Howard Marks and David Rosenberg
David Rosenberg, co-portfolio manager of Oaktree’s U.S. and Global High Yield strategies, and Howard Marks discuss topics from the June 2023 edition of The Roundup. They consider the evolution of the high yield bond market, investor optimism and why this time might actually be different in financial markets.
The Insight: Conversations – Cutting Through the Economic Noise with Wayne Dahl
Oaktree Investment Risk Officer Wayne Dahl explains why economic statistics can tell conflicting stories and what this means for credit investors trying to make sense of today’s noisy data.
The Insight: Conversations – Performing Credit Quarterly 1Q2023
In the first episode of Oaktree’s new podcast, Armen Panossian (Head of Performing Credit) and Howard Marks (Co-Chairman) discuss key takeaways from the 1Q2023 Performing Credit Quarterly, including the potential ramifications of the recent banking turmoil, opportunities in private credit and a possible rise in distress. As part of the discussion, they explore Howard’s memo Lessons f
Lessons from Silicon Valley Bank
In his latest memo, Howard Marks discusses the significance of the Silicon Valley Bank collapse. He argues that it likely doesn’t portend a wave of banking failures but may amplify preexisting wariness among investors and lenders, leading to further credit tightening and additional pain across a range of industries and sectors.The memo is read by LJ Ganser.You can read the memo here (http
The Rewind: Calling The Market
Howard looks back on several memos he’s written near major turning points in the market over the last few decades, from the bursting of the dot-com bubble to the pandemic-driven crisis in early 2020. He considers what an investor should – and shouldn’t – focus on when making a market call.
The Rewind: Ditto
Howard is joined by Bruce Flatt, CEO of Brookfield, for a discussion of Ditto, which was originally published on January 7, 2013. They examine the distinction between price and value and consider how investors might gain a competitive advantage today. This episode was recorded in November 2022.The memo is read by LJ Ganser.
Behind the Memo: Sea Change
In the latest episode of Behind the Memo, Howard discusses his most recent memo, Sea Change. He explains why the shift we may currently be experiencing could force investors to rethink the meaning of "normal."You can listen to Sea Change in the prior episode or read it here (https://www.oaktreecapital.com/insights/memo/sea-change).
Sea Change
In his latest memo, Howard Marks writes that the investment world may be experiencing the third major sea change over the last 50 years. Events in recent years – especially the spike in inflation and the Federal Reserve’s response – appear to have caused a reversal of the market conditions that prevailed during the post-GFC (Global Financial Crisis) period and for much of the last four de
Behind the Memo: What Really Matters?
In the latest episode of Behind the Memo, Howard discusses his most recent memo, What Really Matters?, and looks back on a year of memo-writing. He considers the themes that have dominated his thinking in 2022 and highlights his key messages for investors, including one they may not want to hear.You can listen to What Really Matters? in the prior episode or read it here (https://www
What Really Matters?
In his latest memo, Howard Marks weaves together some of the themes he’s explored in 2022 to explain what he believes really matters in investing and what doesn’t. He discusses the disadvantages of short-term thinking, the difference between volatility and risk, and the one word he believes defines the essence of investment excellence.The memo is read by LJ Ganser.You can read the me
The Rewind: Global Financial Crisis
Howard reflects on memos related to the Global Financial Crisis with Bob O’Leary, Co-Portfolio Manager of Oaktree’s Global Opportunities strategy. They share their most striking memories from the years leading up to and during the crisis. They also discuss today’s market environment and consider whether investors have forgotten many of the lessons they should have learned during this tumu
Behind the Memo: The Illusion of Knowledge
In the latest episode of Behind the Memo, Howard discusses key themes from his recent memo, The Illusion of Knowledge. He explains why creating helpful macro forecasts is so challenging and why “thinking about macro” and forecasting aren’t the same thing. You can listen to The Illusion of Knowledge in the prior episode or read it here (https://www.oaktreecapital.com/insights/me
The Illusion of Knowledge
Howard Marks has long questioned the value of macro forecasts, but in his latest memo, he explains why creating profitable forecasts is so difficult. He discusses the incredible complexity involved in modeling an economy and makes it clear that forecasting mostly provides the illusion of knowledge. He argues that investors are better off accepting reality — that the macro future
Behind the Memo: I Beg To Differ
In the latest episode of Behind the Memo, Howard discusses his recent memo, I Beg to Differ. He explains why investors seeking to outperform need to think differently, be exceptional, and be prepared to look wrong – even when they’re right.You can listen to I Beg To Differ in the prior episode or read it here (https://www.oaktreecapital.com/insights/memo/i-beg-to-differ).
I Beg To Differ
Howard Marks’s latest memo argues that investors seeking superior performance must have the courage to depart from the pack, even though doing so means accepting the risk of being wrong. Thinking differently and better than others is key to outperformance, he explains, because in investing, it’s not enough to be right. You have to be more right than most. This means being able to tell whe
The Rewind: Something of Value
Howard reflects on this memo, originally published on January 11, 2021, with his son Andrew Marks. They discuss why open-mindedness – at all ages – is key when investing in a rapidly changing world. Andrew is the co-managing partner of TQ Ventures, a technology-focused venture capital firm founded four years ago that has over 80 portfolio companies.You can read “Something of Value” here (
Behind the Memo: Bull Market Rhymes
In the latest episode of Behind the Memo, Howard discusses his recent memo, Bull Market Rhymes. Howard explains why investing keeps getting harder and why looking to the past can potentially help investors better analyze the innovations that may – or may not – shape the future. You can listen to Bull Market Rhymes in the prior episode or read it here (https://www.oaktreecapital.com/i
Bull Market Rhymes
Howard Marks’s latest memo explores recurring investment themes to contextualize the current market correction and the bull market that preceded it. He discusses the role played by financial innovations like SPACs and cryptocurrencies and why he believes psychology, not fundamentals, primarily drives investment cycles – and likely always will. The memo is read by LJ Ganser.You can re
The Rewind: Lines in the Sand
Howard reflects on this memo (https://www.oaktreecapital.com/docs/default-source/memos/lines-in-the-sand.pdf) originally published on April 18, 2017. Following up on his classic memo You Can’t Eat IRR (https://www.oaktreecapital.com/docs/default-source/memos/2006-07-12-you-cant-eat-irr.pdf), he discusses why financial innovations that can artificially boost IRRs, like subscription lines,
Behind the Memo: The Pendulum in International Affairs
In the latest episode of Behind the Memo, Howard discusses the origins and important themes of his recent memo, The Pendulum in International Affairs. Howard explains why one of his favorite metaphors – the pendulum – can help investors understand psychology, markets and foreign policy.You can listen to The Pendulum in International Affairs in the prior episode or read it here (https://ww
The Pendulum in International Affairs
Howard Marks’s latest memo connects two seemingly unrelated trends – Europe’s energy dependence and U.S. offshoring – to explain why the pendulum of companies’ and countries’ behavior may be swinging away from globalization and toward onshoring. This shift will likely create risk for investors but also opportunities.The memo is read by LJ Ganser.You can read the memo here (https://ww
The Rewind: It’s All a Big Mistake
Howard reflects on this memo originally published on June 20, 2012. He discusses why understanding mistakes – both your own and others’ – is key to superior investing. He’s joined by Bob O’Leary, Global Co-Portfolio Manager of Oaktree’s Global Opportunities strategy.You can read the memo here (https://www.oaktreecapital.com/docs/default-source/memos/2012-06-20-its-all-a-big-mistake.
Introducing "Behind The Memo": Selling Out
Listen to the first episode of our new series Behind the Memo, in which Howard breaks down his latest memo, discussing its origins, themes and key insights. In Selling Out, published on January 13, 2022, Howard explains why staying invested is usually the most important thing. You can listen to Selling Out in the prior episode or read it here (https://www.oaktreecapital.com/insights/
Selling Out
Howard Marks’s latest memo considers one of investing’s most fundamental questions: when to sell. Howard explains that it’s foolish to sell because prices are up and because they’re down – and why, most of the time, staying invested is ultimately “the most important thing.”You can read the memo here (https://www.oaktreecapital.com/insights/memo/selling-out). The memo is read by LJ Ga
The Rewind: Uncertainty
Howard reflects on this memo originally published on May 11, 2020. Writing near the beginning of the Covid-19 crisis, he discusses the power of saying “I don’t know” and the danger of confirmation bias. Drawing on the insights of thinkers from Voltaire to Albert Einstein, Howard explains why he believes having intellectual humility is essential for outstanding investing. &nbs
The Winds of Change
The last 20 months have taught us to question everything. What is the future of work? Can American democracy survive? Will Baby Boomers keep consuming more than their fair share? And what comes after “trillion”? Howard Marks’s latest memo examines paradigm shifts that could reshape the economy, markets and the world for many years to come. (November 23, 2021)You can re
The Rewind: What Does The Market Know?
Howard reflects on this memo originally published on January 19, 2016. In the second episode of a two-part series, he discusses the problems with taking advice from the market. But he also draws on insights from his latest memo, Thinking About Macro, to consider what it means when the market does get it right.
The Rewind: On The Couch
Howard reflects on this memo originally published on January 14, 2016. In the first of a two-part series, he analyzes investors’ irrationality and discusses why things that are obvious in investing are usually wrong.You can read the memo here (https://www.oaktreecapital.com/docs/default-source/memos/on-the-couch.pdf).The memo is read by LJ Ganser.
The Rewind: Us and Them
Howard reflects on this memo originally published on May 7, 2004. In a discussion that namechecks both psychologist Amos Tversky and tennis great Pete Sampras, Howard explains why too much confidence can be a dangerous thing.You can read the memo here (https://www.oaktreecapital.com/docs/default-source/memos/2004-05-07-us-and-them.pdf).The memo is read by LJ Ganser.
Thinking About Macro
Howard Marks doesn’t make bets on economic predictions. That’s especially true now when the biggest wildcard is inflation – a phenomenon no one fully understands. But just because something is unknowable doesn’t mean it’s unimportant. That’s why Howard has devoted his latest memo to a topic he largely disavows: macro forecasting. (July 29, 2021)You can read the memo here (https:
The Rewind: It Is What It Is
Howard reflects on this memo originally published on March 27, 2006. In this wide-ranging discussion, he weaves together the Japanese concept of mujo, probability theory and the Super Bowl to suggest investors should spend less time looking for silver bullets and more time cultivating humility.You can read the memo here (https://www.oaktreecapital.com/docs/default-source/memos/2006-03-27-
The Rewind: Dare to Be Great II
Howard reflects on this memo originally published on April 8, 2014. In the second episode of a two-part series, he asks whether investors are willing to do what is necessary in order to be great – including being willing to look wrong.You can read the memo here (https://www.oaktreecapital.com/docs/default-source/memos/2014-04-08-dare-to-be-great-ii.pdf?sfvrsn=44b60f65_2).The memo is read
The Rewind: Dare to Be Great
Howard reflects on this memo originally published on September 7, 2006. In the first episode of a two-part series, he offers suggestions to those daring to be superior investors. There are no formulas, but there is a prerequisite: one must think differently.You can read the memo here (https://www.oaktreecapital.com/docs/default-source/memos/2006-09-07-dare-to-be-great.pdf?sfvrsn=b3bc0f65_
2020 in Review
Last year featured a jaw-dropping list of extremes, from a once-in-a-century pandemic to record-breaking market moves. Howard Marks writes in his latest memo about approaching the investment environment left in 2020’s wake – one generating many questions and no easy answers. (March 4, 2021)You can read the memo here (https://www.oaktreecapital.com/insights/howard-marks-memos).The mem
The Rewind: You Can’t Predict. You Can Prepare.
Howard looks back on this memo, originally published on November 20, 2001. The title was inspired by a TV commercial tagline from that time: “It's almost a Yogi Berra type statement that makes no apparent sense on first reading, but then it turns out to be quite wise.”You can read the memo here (https://www.oaktreecapital.com/docs/default-source/memos/2001-11-20-you-cant-predict-you-can-p
Something of Value
The dichotomy of “value” and “growth” investing has become a sharp stylistic divide. But is it helpful? In his latest memo, Howard Marks discusses how he views the art and science of value investing, especially in the increasingly efficient and complex world we face today. (January 11, 2021)You can read the memo here (https://www.oaktreecapital.com/docs/default-source/memos/something-of-v
The Rewind: bubble.com
Howard looks back on his memo titled “bubble.com,” originally published on January 2, 2000, and credited with making his memo writing an “overnight success” after 10 years without a single response.To view the referenced graphics, see the original memo here (https://www.oaktreecapital.com/docs/default-source/memos/2000-01-02-bubble.pdf?sfvrsn=37bc0f65_2). The memo
Introducing “The Rewind”: The Route To Performance
Today we debut a new series, “The Rewind,” in which Howard looks back on some of his memos over the years, discusses their origin and considers their relevance in today’s financial environment. We start with his very first memo, “The Route To Performance,” originally published on October 12, 1990.The memo is read by LJ Ganser.
Coming Into Focus
In his latest memo, Howard Marks discusses the unusual characteristics of this year’s economy; the impact of Covid-related monetary and fiscal policy actions on today’s markets; and the possible ramifications of the Fed/Treasury’s rescue efforts. (October 13, 2020)The memo is read by LJ Ganser.
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