The Memo by Howard Marks

The last 20 months have taught us to question everything. What is the future of work? Can American democracy survive? Will Baby Boomers keep consuming more than their fair share? And what comes after “trillion”? Howard Marks’s latest memo examines paradigm shifts that could reshape the economy, markets and the world for many years to come. (November 23, 2021)You can read the memo here (https://www.oaktreecapital.com/docs/default-source/memos/thewindsofchange.pdf)The memo is read by LJ Ganser.

Howard reflects on this memo originally published on January 19, 2016. In the second episode of a two-part series, he discusses the problems with taking advice from the market. But he also draws on insights from his latest memo, Thinking About Macro, to consider what it means when the market does get it right.

Howard reflects on this memo originally published on January 14, 2016. In the first of a two-part series, he analyzes investors’ irrationality and discusses why things that are obvious in investing are usually wrong.You can read the memo here (https://www.oaktreecapital.com/docs/default-source/memos/on-the-couch.pdf).The memo is read by LJ Ganser.

Howard reflects on this memo originally published on May 7, 2004. In a discussion that namechecks both psychologist Amos Tversky and tennis great Pete Sampras, Howard explains why too much confidence can be a dangerous thing.You can read the memo here (https://www.oaktreecapital.com/docs/default-source/memos/2004-05-07-us-and-them.pdf).The memo is read by LJ Ganser.

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.