The Memo by Howard Marks

Howard Marks doesn’t make bets on economic predictions. That’s especially true now when the biggest wildcard is inflation – a phenomenon no one fully understands. But just because something is unknowable doesn’t mean it’s unimportant. That’s why Howard has devoted his latest memo to a topic he largely disavows: macro forecasting. (July 29, 2021)You can read the memo here (https://www.oaktreecapital.com/docs/default-source/memos/thinkingaboutmacro.pdf).The memo is read by LJ Ganser.

Howard reflects on this memo originally published on March 27, 2006. In this wide-ranging discussion, he weaves together the Japanese concept of mujo, probability theory and the Super Bowl to suggest investors should spend less time looking for silver bullets and more time cultivating humility.You can read the memo here (https://www.oaktreecapital.com/docs/default-source/memos/2006-03-27-it-is-what-it-is.pdf?sfvrsn=87bc0f65_2).The memo is read by LJ Ganser.

Howard reflects on this memo originally published on April 8, 2014. In the second episode of a two-part series, he asks whether investors are willing to do what is necessary in order to be great – including being willing to look wrong.You can read the memo here (https://www.oaktreecapital.com/docs/default-source/memos/2014-04-08-dare-to-be-great-ii.pdf?sfvrsn=44b60f65_2).The memo is read by LJ Ganser.

Howard reflects on this memo originally published on September 7, 2006. In the first episode of a two-part series, he offers suggestions to those daring to be superior investors. There are no formulas, but there is a prerequisite: one must think differently.You can read the memo here (https://www.oaktreecapital.com/docs/default-source/memos/2006-09-07-dare-to-be-great.pdf?sfvrsn=b3bc0f65_2).The memo is read by LJ Ganser.

Last year featured a jaw-dropping list of extremes, from a once-in-a-century pandemic to record-breaking market moves. Howard Marks writes in his latest memo about approaching the investment environment left in 2020’s wake – one generating many questions and no easy answers. (March 4, 2021)You can read the memo here (https://www.oaktreecapital.com/insights/howard-marks-memos).The memo is read by LJ Ganser.

Howard looks back on this memo, originally published on November 20, 2001. The title was inspired by a TV commercial tagline from that time: “It's almost a Yogi Berra type statement that makes no apparent sense on first reading, but then it turns out to be quite wise.”You can read the memo here (https://www.oaktreecapital.com/docs/default-source/memos/2001-11-20-you-cant-predict-you-can-prepare.pdf?sfvrsn=bc00f65_2).The memo is read by LJ Ganser.

The dichotomy of “value” and “growth” investing has become a sharp stylistic divide. But is it helpful? In his latest memo, Howard Marks discusses how he views the art and science of value investing, especially in the increasingly efficient and complex world we face today. (January 11, 2021)You can read the memo here (https://www.oaktreecapital.com/docs/default-source/memos/something-of-value.pdf).The memo is read by LJ Ganser.

Howard looks back on his memo titled “bubble.com,” originally published on January 2, 2000, and credited with making his memo writing an “overnight success” after 10 years without a single response.To view the referenced graphics, see the original memo here (https://www.oaktreecapital.com/docs/default-source/memos/2000-01-02-bubble.pdf?sfvrsn=37bc0f65_2). The memo is read by LJ Ganser.

Today we debut a new series, “The Rewind,” in which Howard looks back on some of his memos over the years, discusses their origin and considers their relevance in today’s financial environment. We start with his very first memo, “The Route To Performance,” originally published on October 12, 1990.The memo is read by LJ Ganser.

In his latest memo, Howard Marks discusses the unusual characteristics of this year’s economy; the impact of Covid-related monetary and fiscal policy actions on today’s markets; and the possible ramifications of the Fed/Treasury’s rescue efforts. (October 13, 2020)The memo is read by LJ Ganser.