The Memo by Howard Marks

Exploring the parallels between chess and investing, Howard Marks discusses the importance of taking risks. He emphasizes that not taking enough risk can be risky and highlights the significance of embracing uncertainty for gains. Drawing on insights from Warren Buffett and Charlie Munger, the podcast delves into the need for calculated risks in investments.

Explore the connection between games and investing, emphasizing skill development and informed choices. Delve into active investing complexity, handicapping in betting, and fair odds determination. Analyze investing through betting systems, lessons in investment strategy, and risk management parallels between gambling and investing.

Financial expert Howard Marks and journalist Edward Chancellor discuss the history and impact of interest rates, the effects of low and negative interest rates on the economy, the complex relationship between interest rates and capital flows, the criticism of central bank activism, and the importance of monitoring the credit cycle in successful market calls.

This podcast explores the impact of low interest rates on the economy and investor behavior, the rise of private equity and the dangers of leverage, the risks of heavy leverage on companies, the consequences of low interest rates on the construction industry, the danger of excessive capital and increasing risks, the state of the free market in money, and the need for a different asset allocation strategy in the face of potential higher interest rates.

Listen to Howard Marks, David Rosenberg, and Aman Kumar as they discuss the concept of normalcy in financial markets and interest rates, the challenge of changing perspectives, factors driving the market rally, monitoring consumer spending, and the volatility in the life sciences public equity market.

Former professional poker player Annie Duke joins Howard Marks to discuss decision-making, luck, decision quality, and uncertainty. They explore the importance of diverse perspectives, improving decision quality over time, risk management, and the challenges of using probabilities for decision-making.

Howard Marks, Oaktree Co-Chairman, and Armen Panossian, Head of Performing Credit, explore the potential sea change reshaping investments, discussing tail risks, borrowing costs, credit analysis, surprises in the economy, and the shift to a full return world.

The podcast discusses the sweeping alteration of the investment environment and the need for significant capital reallocation. It explores the potential consequences of low interest rates, rising inflation, and the challenges in finding bargains in the current market. The chapter highlights the potential for higher returns in high yield bonds and credit investments. They discuss the uncertain transition in interest rates and the role of optimism in investing. The podcast advocates for increased investment in credit due to competitive returns and lower uncertainty.

Wayne Dahl, Robert O’Leary, and Mark Jacobs discuss topics from Oaktree's Quarterly Letters, including navigating the interest rate environment, attractive sectors for credit investors, misconceptions about the real estate market, and more.

In this podcast, Howard Marks talks about the importance of avoiding losers and holding a diversified portfolio. He discusses the concept of risk in investing and emphasizes the need to bear risk intelligently. He uses tennis as an analogy to discuss the concept of balancing offense and defense in investing. He explores a graph that helps explain the relationship between risk and returns and emphasizes the importance of making informed choices. Lastly, he discusses the impact of alpha on investment outcomes and whether investors should focus on fewer losers or more winners.