The Rewind: Something of Value
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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 […]
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 […]
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 […]
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 […]
The Rewind: Lines in the Sand
Howard reflects on this memo (https://www.oaktreecapital.com/docs/default-source/memos/lines-in-the-sand.pdf) originally published on April 18, 2017. Following up on his classic memo You Can’t Eat IRR (https://www.oaktreecapital.com/docs/default-source/memos/2006-07-12-you-cant-eat-irr.pdf), 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 […]
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 […]
The Pendulum in International Affairs
Howard Marks’s latest memo connects two seemingly unrelated trends – Europe’s energy dependence and U.S. offshoring – to explain why the pendulum of companies’ and countries’ behavior may be swinging away from globalization and toward onshoring. This shift will likely create risk for investors but also opportunities. The memo is read by LJ Ganser. You can […]
The Rewind: It’s All a Big Mistake
Howard reflects on this memo originally published on June 20, 2012. He discusses why understanding mistakes – both your own and others’ – is key to superior investing. He’s joined by Bob O’Leary, Global Co-Portfolio Manager of Oaktree’s Global Opportunities strategy. You can read the memo here (https://www.oaktreecapital.com/docs/default-source/memos/2012-06-20-its-all-a-big-mistake.pdf?sfvrsn=17bb0f65_2). The memo is read by LJ Ganser.
Introducing "Behind The Memo": Selling Out
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 insights. In Selling Out, published on January 13, 2022, Howard explains why staying invested is usually the most important thing. You can listen to Selling Out in the prior […]