The Memo by Howard Marks

By Oaktree Capital Management

<p>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.</p>

4 episodes

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All Episodes

AI Inflection Bubble Risks Speculative Overbuild and Societal Disruption

Dec 09, 2025

AI's speculative boom accelerates progress but risks investor losses and job displacement, mirroring past bubbles with amplified debt-fueled uncertainty.

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Good Times Foster Complacency, Exposing Malinvestment and Fraud

Nov 06, 2025

Complacency in good times lowers lending standards, creating fertile ground for malinvestment and fraud that downturns inevitably expose. Superior credit analysis requires detecting defects early.

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Pension Fund Risk Management Prioritizes Benefit Payment Over Volatility

Oct 28, 2025

Pension funds should prioritize paying benefits over beating peers, assessing performance over full market cycles to distinguish skill from luck and avoid misleading volatility metrics.

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Howard Marks's Investing Philosophy: Risk, Psychology, and Second-Level Thinking

Oct 14, 2025

Master market extremes by understanding investor psychology. Control downside risk, embrace intellectual humility, and think beyond conventional wisdom to achieve superior investment performance.

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