Howard Marks
Howard Marks


No Stories found.


The Rewind: Calling The Market

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 bubble to the pandemic-driven crisis in early 2020. He considers what an investor should – and shouldn’t – focus on when making a market call.

35 downloads Mar 07, 2023
The Rewind: Ditto

Howard is joined by Bruce Flatt, CEO of Brookfield, for a discussion of Ditto, which was originally published on January 7, 2013. They examine the distinction between price and value and consider how investors might gain a competitive advantage today. This episode was recorded in November 2022. The memo is read by LJ Ganser.

113 downloads Feb 02, 2023
Behind The Memo: Sea Change

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 experiencing could force investors to rethink the meaning of “normal.” You can listen to Sea Change in the prior episode or read it here (

110 downloads Jan 05, 2023
Sea Change

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 recent years – especially the spike in inflation and the Federal Reserve’s response – appear to have caused a reversal of the market conditions that prevailed during the post-GFC […]

139 downloads Dec 13, 2022
Behind The Memo: What Really Matters?

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.  He considers the themes that have dominated his thinking in 2022 and highlights his key messages for investors, including one they may not want to hear. You can listen to […]

149 downloads Dec 06, 2022
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 […]

139 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 […]

285 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 […]

284 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 […]

272 downloads Sep 08, 2022
Suggested Stories

Who would have guessed laws required companies to request...

DisinterestedSep 25, 2022
0 mins read

The question of whether abortion should be legal has been...

DanielJun 26, 2022
4 mins read

Four-time major winner Brooks Koepka has also left the PG...

sportislife15Jun 26, 2022
0 mins read

The subsidisation of unreliable “renewable” power is why ...

DisinterestedJun 19, 2022
0 mins read

LIV Golf is off to a good start, whatever the PGA Tour an...

sportislife15Jun 11, 2022
4 mins read

All governments eventually lose power, but the Liberal Pa...

DanielMay 29, 2022
4 mins read