The Memo by Howard Marks
Kanaal Besonderhede
The Memo by Howard Marks
On October 12, 1990, Oaktree Co-Chairman Howard Marks published his first memo to clients. In the decades since, he has periodically released memos reflecting his viewpoint on the investment landscape, as well as more general business insights. On this podcast we'll hear the latest memos by Howard,...
Onlangse Episodes
73 episodes
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 yie...
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...
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 conver...
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...
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...
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 O...
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. Sei...
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...
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 ag...
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...
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...
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 tampe...
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. The...
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 figu...
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 Ashl...
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...
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 conferenc...
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.li...
The Impact of Debt
In his latest memo, Howard Marks examines the relationship between leverage and survivability, taking inspiration from a recent Collaborative Fund pos...
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 Th...
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 Str...
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...
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 Howar...
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,...
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? Fin...
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 an...
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 Cha...
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 m...
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 opportunist...
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 an...
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 loser...
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 Pano...
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 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 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 o...
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 tryi...
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 t...
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 ba...
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 bu...
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 dis...