Howard Marks
Howard Marks


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What Really Matters?

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 and what doesn’t. He discusses the disadvantages of short-term thinking, the difference between volatility and risk, and the one word he believes defines the essence of investment excellence. The memo is […]

36 downloads Nov 22, 2022
The Rewind: Global Financial Crisis

Howard reflects on memos related to the Global Financial Crisis with Bob O’Leary, Co-Portfolio Manager of Oaktree’s Global Opportunities strategy. They share their most striking memories from the years leading up to and during the crisis. They also discuss today’s market environment and consider whether investors have forgotten many of the lessons they should have […]

175 downloads Oct 13, 2022
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 […]

165 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 […]

162 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 […]

232 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 […]

273 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 […]

368 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 […]

471 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 […]

367 downloads May 26, 2022
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