The Memo by Howard Marks

Oaktree Capital Management
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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, released in tandem with or shortly after their publication.

  1. לפני 4 ימים

    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.

    31 דק׳

  2. 14 באוג׳

    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. In the context of today’s elevated U.S. equity valuations and widespread investor optimism, he advises us to consider going to an ‘‘Investment Readiness Condition’’ in which investors shift their portfolios somewhat in the direction of increased defense. You can read the memo here (https://www.oaktreecapital.com/insights/memo/the-calculus-of-value).

    42 דק׳

  3. 18 ביוני

    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 incentivizing innovation and productivity. He also touches on the U.S. fiscal deficit, questioning how much longer the government can continue spending more than it takes in. You can read the memo here (https://www.oaktreecapital.com/insights/memo/more-on-repealing-the-laws-of-economics).

    40 דק׳
  4. 30 Years of Oaktree

    6 במאי

    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 an excerpt from their conversation.

    22 דק׳

  5. 9 באפר׳

    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 even less likely to be accurate than usual.  Howard considers the response of the financial markets, highlighting the key question regards the appropriateness of the market reaction thus far: has it been just right, excessive, or inadequate? You can read the memo here (https://www.oaktreecapital.com/insights/memo/nobody-knows-yet-again).

    35 דק׳

  6. 6 במרץ

    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 his belief that the elevated yield offered by credit presents a better deal than equities, even at today’s spreads. You can read the memo here (https://www.oaktreecapital.com/insights/memo/gimme-credit).

    29 דק׳
  7. Behind The Memo: On Bubble Watch

    27 בפבר׳

    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/insights/memo/on-bubble-watch).

    25 דק׳

  8. 7 בינו׳

    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 a widespread belief that ‘‘this time is different.’’ Rather than opining on whether we’re in a bubble, Howard lists the signs he sees today and suggests how you might think about them . . . just as he did 25 years ago. You can read the memo here (https://www.oaktreecapital.com/insights/memo/on-bubble-watch).

    35 דק׳
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אודות

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, released in tandem with or shortly after their publication.

מידע

  • יוצרים
    Oaktree Capital Management
  • שנות פעילות
    2020 - 2025
  • פרקים
    71
  • סיווג
    תוכן הולם
  • זכויות יוצרים
    © 2020 Oaktree Capital
  • אתר התכנית
    The Memo by Howard Marks

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