The Memo by Howard Marks
Episodes
Reflections on Oaktree Conference 2026 with Howard Marks
24 Mar 2026
Contributed by Lukas
In this special episode of The Insight: Conversations, Howard Marks shares his reflections on themes from Oaktree’s recent client conference, includ...
AI Hurtles Ahead
26 Feb 2026
Contributed by Lukas
In his latest memo – occasioned by massive changes he cites in just the 11 weeks since the last one – Howard Marks revisits the subject ...
Is It a Bubble?
09 Dec 2025
Contributed by Lukas
In his latest memo, Howard Marks addresses the much-asked question, “Is there a bubble in AI?” He identifies the uncertainty associated with AI in...
Cockroaches in the Coal Mine
06 Nov 2025
Contributed by Lukas
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
28 Oct 2025
Contributed by Lukas
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
14 Oct 2025
Contributed by Lukas
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
14 Aug 2025
Contributed by Lukas
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 ...
More on Repealing the Laws of Economics
18 Jun 2025
Contributed by Lukas
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
06 May 2025
Contributed by Lukas
In celebration of Oaktree’s 30th anniversary on April 10, 2025, cofounders Howard Marks (Co-Chairman), Bruce Karsh (Co-Chairman and Chief Investment...
Nobody Knows (Yet Again)
09 Apr 2025
Contributed by Lukas
In his latest memo, Howard discusses how the recent events surrounding tariffs can have a seismic but unpredictable impact on the global economy. ...
Gimme Credit
06 Mar 2025
Contributed by Lukas
In his latest memo, Howard addresses a common question he’s been receiving over the last few months: “What about credit spreads?” He explains th...
Behind The Memo: On Bubble Watch
27 Feb 2025
Contributed by Lukas
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
07 Jan 2025
Contributed by Lukas
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
22 Oct 2024
Contributed by Lukas
In his latest memo, Howard Marks outlines the need to base asset allocation decisions around an established risk target. He describes the fundame...
Shall We Repeal The Laws of Economics?
19 Sep 2024
Contributed by Lukas
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 tam...
Behind The Memo: The Impact of Debt with Howard Marks and Morgan Housel
27 Aug 2024
Contributed by Lukas
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
22 Aug 2024
Contributed by Lukas
In his latest memo, Howard Marks discusses the reasons for the recent market volatility using one of finance’s classic metaphors: Mr. Market, the fi...
Behind the Memo: The Indispensability of Risk with Howard Marks, Bruce Karsh, and Maurice Ashley
23 Jul 2024
Contributed by Lukas
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
17 Jul 2024
Contributed by Lukas
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
02 Jul 2024
Contributed by Lukas
In a special edition of The Insight: Conversations, you’ll hear excerpts from multiple sessions held during Oaktree’s recent biannual client confe...
Bonus Episode: Howard Marks on “In Good Company”
18 Jun 2024
Contributed by Lukas
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
08 May 2024
Contributed by Lukas
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
06 May 2024
Contributed by Lukas
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 o...
The Indispensability of Risk
17 Apr 2024
Contributed by Lukas
In his latest memo, Howard Marks considers what chess can teach investors about the paradox of risk-taking. Drawing on insights from a recent Wal...
The Archive: You Bet!
21 Mar 2024
Contributed by Lukas
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...
Behind the Memo: Easy Money with Howard Marks and Edward Chancellor
08 Feb 2024
Contributed by Lukas
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
09 Jan 2024
Contributed by Lukas
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
04 Jan 2024
Contributed by Lukas
What is a “normal” investment environment? What might a recession in 2024 mean for liquid credit? What’s happening in life sciences lending...
The Insight: Conversations – Special Episode with Annie Duke and Howard Marks
06 Dec 2023
Contributed by Lukas
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
02 Nov 2023
Contributed by Lukas
Howard Marks (Co-Chairman) and Armen Panossian (Head of Performing Credit) discuss topics related to Howard’s latest memo, Further Thoughts on Sea C...
Further Thoughts on "Sea Change"
11 Oct 2023
Contributed by Lukas
In his latest memo, Howard Marks provides a follow-up to Sea Change (https://www.oaktreecapital.com/insights/memo/sea-change), his thought-provok...
The Insight: Conversations – Credit Picker’s Market with Wayne Dahl, Robert O’Leary, and Mark Jacobs
05 Oct 2023
Contributed by Lukas
How have credit investors been successfully navigating the volatile interest rate environment? Which sectors currently look attractive to opport...
Behind the Memo: Fewer Losers, or More Winners?
20 Sep 2023
Contributed by Lukas
In the latest episode of Behind the Memo, Howard discusses his recent memo: Fewer Losers, or More Winners? He details the inspiration for the me...
Fewer Losers, or More Winners?
12 Sep 2023
Contributed by Lukas
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
08 Sep 2023
Contributed by Lukas
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
08 Aug 2023
Contributed by Lukas
Armen Panossian (Head of Performing Credit), Danielle Poli (Assistant Portfolio Manager, Global Credit), and Megan Messina (Head of CLO Capital Market...
Taking The Temperature
10 Jul 2023
Contributed by Lukas
In his latest memo, Howard Marks discusses five market calls he’s made during his career. He argues that investors seeking to take the temperat...
The Insight: Conversations – This Time Might Be Different with Howard Marks and David Rosenberg
27 Jun 2023
Contributed by Lukas
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...
The Insight: Conversations – Cutting Through the Economic Noise with Wayne Dahl
25 May 2023
Contributed by Lukas
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
20 Apr 2023
Contributed by Lukas
In the first episode of Oaktree’s new podcast, Armen Panossian (Head of Performing Credit) and Howard Marks (Co-Chairman) discuss key takeaways from...
Lessons from Silicon Valley Bank
17 Apr 2023
Contributed by Lukas
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 ...
The Rewind: Calling The Market
07 Mar 2023
Contributed by Lukas
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 ...
The Rewind: Ditto
02 Feb 2023
Contributed by Lukas
Howard is joined by Bruce Flatt, CEO of Brookfield, for a discussion of Ditto, which was originally published on January 7, 2013. They exami...
Behind the Memo: Sea Change
05 Jan 2023
Contributed by Lukas
In the latest episode of Behind the Memo, Howard discusses his most recent memo, Sea Change. He explains why the shift we may currently be experiencin...
Sea Change
13 Dec 2022
Contributed by Lukas
In his latest memo, Howard Marks writes that the investment world may be experiencing the third major sea change over the last 50 years. Events in rec...
Behind the Memo: What Really Matters?
06 Dec 2022
Contributed by Lukas
In the latest episode of Behind the Memo, Howard discusses his most recent memo, What Really Matters?, and looks back on a year of memo-writing. ...
What Really Matters?
22 Nov 2022
Contributed by Lukas
In his latest memo, Howard Marks weaves together some of the themes he’s explored in 2022 to explain what he believes really matters in investing an...
The Rewind: Global Financial Crisis
13 Oct 2022
Contributed by Lukas
Howard reflects on memos related to the Global Financial Crisis with Bob O’Leary, Co-Portfolio Manager of Oaktree’s Global Opportunities strategy....
Behind the Memo: The Illusion of Knowledge
13 Sep 2022
Contributed by Lukas
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
08 Sep 2022
Contributed by Lukas
Howard Marks has long questioned the value of macro forecasts, but in his latest memo, he explains why creating profitable forecasts is so difficult.&...
Behind the Memo: I Beg To Differ
04 Aug 2022
Contributed by Lukas
In the latest episode of Behind the Memo, Howard discusses his recent memo, I Beg to Differ. He explains why investors seeking to outperform nee...
I Beg To Differ
26 Jul 2022
Contributed by Lukas
Howard Marks’s latest memo argues that investors seeking superior performance must have the courage to depart from the pack, even though doing so me...
The Rewind: Something of Value
16 Jun 2022
Contributed by Lukas
Howard reflects on this memo, originally published on January 11, 2021, with his son Andrew Marks. They discuss why open-mindedness – at all ages –...
Behind the Memo: Bull Market Rhymes
02 Jun 2022
Contributed by Lukas
In the latest episode of Behind the Memo, Howard discusses his recent memo, Bull Market Rhymes. Howard explains why investing keeps getting harder and...
Bull Market Rhymes
26 May 2022
Contributed by Lukas
Howard Marks’s latest memo explores recurring investment themes to contextualize the current market correction and the bull market that preceded it....
The Rewind: Lines in the Sand
28 Apr 2022
Contributed by Lukas
Howard reflects on this memo (https://www.oaktreecapital.com/docs/default-source/memos/lines-in-the-sand.pdf) originally published on April 18, 2017. ...
Behind the Memo: The Pendulum in International Affairs
31 Mar 2022
Contributed by Lukas
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
23 Mar 2022
Contributed by Lukas
Howard Marks’s latest memo connects two seemingly unrelated trends – Europe’s energy dependence and U.S. offshoring – to explain why the ...
The Rewind: It’s All a Big Mistake
24 Feb 2022
Contributed by Lukas
Howard reflects on this memo originally published on June 20, 2012. He discusses why understanding mistakes – both your own and others’ – is key...
Introducing "Behind The Memo": Selling Out
21 Jan 2022
Contributed by Lukas
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 ins...
Selling Out
13 Jan 2022
Contributed by Lukas
Howard Marks’s latest memo considers one of investing’s most fundamental questions: when to sell. Howard explains that it’s foolish to sell...
The Rewind: Uncertainty
20 Dec 2021
Contributed by Lukas
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 say...
The Winds of Change
30 Nov 2021
Contributed by Lukas
The last 20 months have taught us to question everything. What is the future of work? Can American democracy survive? Will Baby Boomers keep...
The Rewind: What Does The Market Know?
07 Oct 2021
Contributed by Lukas
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...
The Rewind: On The Couch
30 Sep 2021
Contributed by Lukas
Howard reflects on this memo originally published on January 14, 2016. In the first of a two-part series, he analyzes investors’ irrationality ...
The Rewind: Us and Them
26 Aug 2021
Contributed by Lukas
Howard reflects on this memo originally published on May 7, 2004. In a discussion that namechecks both psychologist Amos Tversky and tennis great Pete...
Thinking About Macro
30 Jul 2021
Contributed by Lukas
Howard Marks doesn’t make bets on economic predictions. That’s especially true now when the biggest wildcard is inflation – a phenomenon no ...
The Rewind: It Is What It Is
24 Jun 2021
Contributed by Lukas
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
05 May 2021
Contributed by Lukas
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 ...
The Rewind: Dare to Be Great
29 Apr 2021
Contributed by Lukas
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 dari...
2020 in Review
19 Mar 2021
Contributed by Lukas
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 late...
The Rewind: You Can’t Predict. You Can Prepare.
24 Feb 2021
Contributed by Lukas
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 a...
Something of Value
14 Jan 2021
Contributed by Lukas
The dichotomy of “value” and “growth” investing has become a sharp stylistic divide. But is it helpful? In his latest memo, Howard Marks discu...
The Rewind: bubble.com
21 Dec 2020
Contributed by Lukas
Howard looks back on his memo titled “bubble.com,” originally published on January 2, 2000, and credited with making his memo writing an “o...
Introducing “The Rewind”: The Route To Performance
30 Nov 2020
Contributed by Lukas
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 th...
Coming Into Focus
19 Oct 2020
Contributed by Lukas
In his latest memo, Howard Marks discusses the unusual characteristics of this year’s economy; the impact of Covid-related monetary and fiscal ...