The Memo by Howard Marks

By: Oaktree Capital Management
  • Summary

  • 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.

    © 2020 Oaktree Capital
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Episodes
  • Gimme Credit
    Mar 6 2025

    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.

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    29 mins
  • Behind The Memo: On Bubble Watch
    Feb 27 2025

    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).

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    25 mins
  • On Bubble Watch
    Jan 7 2025

    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).

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    35 mins

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The Master

Howard Marks is one of the most intelligent person in the world. We are lucky to have him as an advisor through his open letters, memos, and books. Mark has transcended the investment world and is right up there with the great minds of philosophy and history.

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Excellent

Anything Howard Marks writes or speaks is the smartest thing I listen to most weeks. My only suggestion (request) would be that all of Howard’s memos be produced in audio format simply for the convenience. Exceptional.

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    5 out of 5 stars

Knowledge is power. Information is liberating. Edu

is always i pleasure to get the knowledge from the people who you admire.

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Thoughtful

I like his analysis, facts, logic, analogies and forward looking ideas.

I am very thankful for the podcast.

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