

The Memo by Howard Marks
Oaktree Capital Management
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.
Episodes
Mentioned books

294 snips
Aug 14, 2025 • 42min
The Calculus of Value
The podcast delves into the intricate relationship between value and price, illustrating how this connection can shape long-term investment outcomes. It emphasizes the subjective nature of intrinsic value and the impact of investor psychology on market dynamics. Discussion on the limitations of conventional metrics like the P.E. ratio offers a deeper understanding of company valuation. Additionally, it covers recent market fluctuations, including reactions to tariffs and inflation, while providing strategies to navigate these uncertainties for better investment positioning.

142 snips
Jun 18, 2025 • 40min
More on Repealing the Laws of Economics
Government intervention in economies often leads to unintended consequences, as discussed through examples like rent control and tariffs. The risks of relying on foreign suppliers for critical resources are highlighted, especially post-COVID. Examining U.S. fiscal discipline reveals alarming trends in chronic deficit spending and its long-term effects. The dialogue underscores the tension between government policies and free market principles, emphasizing that while free markets aren't perfect, attempts to control them can exacerbate issues.

138 snips
May 6, 2025 • 22min
30 Years of Oaktree
Bruce Karsh, Co-Chairman and Chief Investment Officer at Oaktree Capital Management, shares insights from his three-decade journey co-founding the firm alongside Howard Marks and Sheldon Stone. They recount the heartwarming origins of Oaktree, including the humorous dinner conversation that sparked its creation. The trio reflects on foundational values, the significance of relationships in investment, and their first year's surprising financial success. They also celebrate the comforting stability of Oaktree while expressing gratitude for their colleagues as they approach the firm's 30th anniversary.

448 snips
Apr 9, 2025 • 35min
Nobody Knows (Yet Again)
The discussion dives into the unpredictable impacts of tariffs on the global economy, reflecting a shift in longstanding norms. Howard emphasizes the uncertainty in forecasting, suggesting that market reactions to these events may not be justified. He recalls the chaos of Lehman Brothers' bankruptcy and draws connections between past crises and current economic challenges. The talk navigates the complexities of government interventions, highlighting potential risks like recession and inflation, while also identifying investment opportunities in distressed assets.

193 snips
Mar 6, 2025 • 29min
Gimme Credit
Howard Marks dives into the intriguing dynamics of credit spreads, stressing that today's spreads should be evaluated on their ability to offset potential credit losses. He argues that, despite concerns about narrowing spreads, high-yield bonds offer robust long-term returns. The conversation shifts to the complexities of bond investments and the advantages of private credit as a viable option. Finally, Marks highlights the declining appeal of stocks versus bonds, suggesting that careful allocation towards credit investments may provide better opportunities in the current market.

178 snips
Feb 27, 2025 • 25min
Behind The Memo: On Bubble Watch
Delve into the fascinating world of market bubbles and the psychology driving investor behavior. Learn how excitement and FOMO can lead to irrational decisions and inflated valuations. Explore the thrill and risks associated with new technologies, like AI, and the speculative nature surrounding them. Understand the importance of maintaining a disciplined investment strategy during market exuberance, while avoiding herd behavior. Wrap up with insights on informed asset allocation and valuable resources for further exploration.

537 snips
Jan 7, 2025 • 35min
On Bubble Watch
The discussion dives into the mindset behind investment bubbles, emphasizing how they're often fueled by irrational beliefs. Historical examples like the Nifty Fifty illustrate the dangers of overestimation and ignoring fundamentals. The comparison of today’s S&P 500 giants, such as NVIDIA, to past leaders reveals insights into market evolution. The risks of current exuberance, especially with AI stocks, raise questions about true value versus inflated valuations. Overall, listeners are encouraged to reflect on their investment strategies amid these complex dynamics.

125 snips
Oct 22, 2024 • 27min
Ruminating on Asset Allocation
This discussion dives into the evolution of asset allocation strategies, emphasizing the tension between ownership and debt. It explores how to target risk while balancing growth and capital preservation. The podcast highlights the contrasting dynamics between various asset classes, and encourages increasing credit allocation for better returns. Listeners will gain insights into making informed investment decisions amidst market volatility, while acknowledging the risks of relying on past performances.

38 snips
Sep 19, 2024 • 55min
Shall We Repeal The Laws of Economics?
The conversation dives into the clash between economic realities and political promises, stressing the dangers of ignoring fundamental trade-offs. Price regulation is scrutinized, revealing how government intervention can distort free markets, particularly through price gouging and housing policies. The implications of economic proposals, like tariffs and homebuyer assistance, are explored, exposing potential pitfalls. There's a deep analysis of California's wage policies and the U.S. national deficit, emphasizing the need to follow economic laws lest we face societal loss.

195 snips
Aug 27, 2024 • 39min
Behind The Memo: The Impact of Debt with Howard Marks and Morgan Housel
Morgan Housel, bestselling author of "The Psychology of Money" and partner at Collaborative Fund, teams up with Howard Marks to discuss the nuances of debt. They dive into how leverage influences long-term stability and the perils of excessive risk-taking. The duo connects historical financial crises to modern investing strategies, stressing the importance of emotional discipline and historical awareness. They highlight the significance of fundamentals in finance, advocating for a measured approach that prioritizes enduring success over fleeting profits.