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>
7 episodes
All Episodes
Howard Marks: Direct Lending's Newness Hides Familiar Risks
Direct lending's boom hides familiar risks, amplified by AI's disruption and rising rates, demanding a return to disciplined investing to avoid past fads.
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Exploiting Market Inefficiencies Through Emotional Cycles
Exploit market dislocations caused by predictable greed and fear. Disciplined investors capitalize on others' emotional mistakes to build enduring advantage.
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AI's Autonomous Leap: Beyond Productivity to Labor Replacement
AI's leap from productivity tool to autonomous agent will redefine labor and markets at unprecedented speed, demanding a new investment perspective beyond data processing.
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AI Inflection Bubble Risks Speculative Overbuild and Societal Disruption
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
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
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
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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