Cover art for podcast The Memo by Howard Marks

The Memo by Howard Marks

28 EpisodesProduced by Oaktree Capital ManagementWebsite

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, … read more

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Behind The Memo: The Illusion of Knowledge

September 13th, 2022

23:26

In the latest episode of Behind the Memo, Howard discusses key themes from his recent memo, The Illusion of Knowledge.  He explains why creating …

The Illusion of Knowledge

September 8th, 2022

53:25

Howard Marks has long questioned the value of macro forecasts, but in his latest memo, he explains why creating profitable forecasts is so …

Behind The Memo: I Beg To Differ

August 4th, 2022

24:05

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 – …

I Beg To Differ

July 26th, 2022

47:38

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 …

The Rewind: Something of Value

June 16th, 2022

1:25:20

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 …

Behind The Memo: Bull Market Rhymes

June 2nd, 2022

16:31

In the latest episode of Behind the Memo, Howard discusses his recent memo, Bull Market Rhymes. Howard explains why investing keeps getting harder …

Bull Market Rhymes

May 26th, 2022

44:24

Howard Marks’s latest memo explores recurring investment themes to contextualize the current market correction and the bull market that preceded it. …

Behind The Memo: The Pendulum in International Affairs

March 31st, 2022

21:17

In the latest episode of Behind the Memo, Howard discusses the origins and important themes of his recent memo, The Pendulum in International Affairs

The Pendulum in International Affairs

March 23rd, 2022

29:29

Howard Marks’s latest memo connects two seemingly unrelated trends – Europe’s energy dependence and U.S. offshoring – to explain why the pendulum of …

The Rewind: It’s All a Big Mistake

February 24th, 2022

53:32

Howard reflects on this memo originally published on June 20, 2012. He discusses why understanding mistakes – both your own and others’ – is key to …

Introducing "Behind The Memo": Selling Out

January 21st, 2022

32:25

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 …

Selling Out

January 13th, 2022

35:56

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 …

The Rewind: Uncertainty

December 20th, 2021

1:01:05

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 …

The Winds of Change

November 30th, 2021

1:02:57

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 …

The Rewind: What Does The Market Know?

October 7th, 2021

52:22

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 …

The Rewind: On The Couch

September 30th, 2021

1:13:55

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 …

The Rewind: Us and Them

August 26th, 2021

43:26

Howard reflects on this memo originally published on May 7, 2004. In a discussion that namechecks both psychologist Amos Tversky and tennis great …

Thinking About Macro

July 30th, 2021

50:57

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 …

The Rewind: It Is What It Is

June 24th, 2021

43:31

Howard reflects on this memo originally published on March 27, 2006. In this wide-ranging discussion, he weaves together the Japanese concept of mujo,

The Rewind: Dare to Be Great II

May 5th, 2021

45:36

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 …

The Rewind: Dare to Be Great

April 29th, 2021

54:59

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 …

2020 in Review

March 19th, 2021

31:15

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 …

The Rewind: You Can’t Predict. You Can Prepare.

February 24th, 2021

52:11

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 …

Something of Value

January 14th, 2021

1:03:06

The dichotomy of “value” and “growth” investing has become a sharp stylistic divide. But is it helpful? In his latest memo, Howard Marks discusses …

The Rewind: bubble.com

December 21st, 2020

52:44

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 …

Introducing “The Rewind”: The Route To Performance

November 30th, 2020

19:16

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 …

Coming Into Focus

October 19th, 2020

1:00:13

In his latest memo, Howard Marks discusses the unusual characteristics of this year’s economy; the impact of Covid-related monetary and fiscal policy …

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