Howard Marks
Howard Marks


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Behind The Memo: The Illusion of Knowledge

In the latest episode of Behind the Memo, Howard discusses key themes from his recent memo, The Illusion of Knowledge.  He explains why creating helpful macro forecasts is so challenging and why “thinking about macro” and forecasting aren’t the same thing.  You can listen to The Illusion of Knowledge in the prior episode or read […]

81 downloads Sep 13, 2022
The Illusion of Knowledge

Howard Marks has long questioned the value of macro forecasts, but in his latest memo, he explains why creating profitable forecasts is so difficult. He discusses the incredible complexity involved in modeling an economy and makes it clear that forecasting mostly provides the illusion of knowledge. He argues that investors are better off accepting reality — that […]

82 downloads Sep 08, 2022
Behind The Memo: I Beg To Differ

In the latest episode of Behind the Memo, Howard discusses his recent memo, I Beg to Differ.  He explains why investors seeking to outperform need to think differently, be exceptional, and be prepared to look wrong – even when they’re right. You can listen to I Beg To Differ in the prior episode or read […]

153 downloads Aug 04, 2022
I Beg To Differ

Howard Marks’s latest memo argues that investors seeking superior performance must have the courage to depart from the pack, even though doing so means accepting the risk of being wrong. Thinking differently and better than others is key to outperformance, he explains, because in investing, it’s not enough to be right. You have to be […]

148 downloads Jul 26, 2022
The Rewind: Something of Value

Howard reflects on this memo, originally published on January 11, 2021, with his son Andrew Marks. They discuss why open-mindedness – at all ages – is key when investing in a rapidly changing world. Andrew is the co-managing partner of TQ Ventures, a technology-focused venture capital firm founded four years ago that has over 80 […]

250 downloads Jun 16, 2022
Behind The Memo: Bull Market Rhymes

In the latest episode of Behind the Memo, Howard discusses his recent memo, Bull Market Rhymes. Howard explains why investing keeps getting harder and why looking to the past can potentially help investors better analyze the innovations that may – or may not – shape the future.  You can listen to Bull Market Rhymes in […]

311 downloads Jun 02, 2022
Bull Market Rhymes

Howard Marks’s latest memo explores recurring investment themes to contextualize the current market correction and the bull market that preceded it. He discusses the role played by financial innovations like SPACs and cryptocurrencies and why he believes psychology, not fundamentals, primarily drives investment cycles – and likely always will.  The memo is read by LJ […]

252 downloads May 26, 2022
The Rewind: Lines in the Sand

Howard reflects on this memo ( originally published on April 18, 2017. Following up on his classic memo You Can’t Eat IRR (, he discusses why financial innovations that can artificially boost IRRs, like subscription lines, should be treated cautiously and why no single performance metric tells the whole story.  The memo is read by […]

365 downloads Apr 28, 2022
Behind The Memo: The Pendulum in International Affairs

In the latest episode of Behind the Memo, Howard discusses the origins and important themes of his recent memo, The Pendulum in International Affairs. Howard explains why one of his favorite metaphors – the pendulum – can help investors understand psychology, markets and foreign policy. You can listen to The Pendulum in International Affairs in […]

248 downloads Mar 31, 2022
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