The Memo by Howard Marks
Oaktree Capital Management
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About This Podcast
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.
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Recent Episodes
What's Going on in Private Credit?
In his latest memo, Howard Marks discusses the evolution of the sub-investment grade credit market from its beginnings in the 1970s to its present state. He focuses on the rise of direct lending…
Reflections on Oaktree Conference 2026 with Howard Marks
In this special episode of The Insight: Conversations, Howard Marks shares his reflections on themes from Oaktree’s recent client conference, including the evolution of the credit markets, the nature…
AI Hurtles Ahead
In his latest memo – occasioned by massive changes he cites in just the 11 weeks since the last one – Howard Marks revisits the subject of AI, providing his observations on its essence and how it…
Is It a Bubble?
In his latest memo, Howard Marks addresses the much-asked question, “Is there a bubble in AI?” He identifies the uncertainty associated with AI investments and the conspicuous parallels to previous…
Cockroaches in the Coal Mine
In his latest memo, Howard Marks examines the recent string of well-publicized credit problems. He considers how they serve as a reminder that the yield premium offered by sub-investment grade credit…
A Look Under the Hood
In his latest memo, Howard Marks offers observations based on his meeting with the board, consultant, and senior staff of a state pension fund. Howard explores the key topics covered during the…
35 Years of Memos
To celebrate the 35th anniversary of his memos, Howard Marks recently held a fireside chat for Oaktree employees. Listen to an excerpt from the conversation to hear Howard discuss why he started…
The Calculus of Value
In his latest memo, Howard Marks sets forth the essence of value and price, as well as the critical relationship between the two. He posits that value exerts a ‘‘magnetic’’ influence on price,…
More on Repealing the Laws of Economics
In his latest memo, Howard Marks discusses the implications of governmental intervention in economies. Considering examples such as rent control, fire insurance, and tariffs, he emphasizes that while…
30 Years of Oaktree
In celebration of Oaktree’s 30th anniversary on April 10, 2025, cofounders Howard Marks (Co-Chairman), Bruce Karsh (Co-Chairman and Chief Investment Officer), and Sheldon Stone (Principal and…
Nobody Knows (Yet Again)
In his latest memo, Howard discusses how the recent events surrounding tariffs can have a seismic but unpredictable impact on the global economy. Seismic in that they reflect a fundamental undoing…
Gimme Credit
In his latest memo, Howard addresses a common question he’s been receiving over the last few months: “What about credit spreads?” He explains that the key question should be whether today’s spread is…
Behind The Memo: On Bubble Watch
In the latest episode of Behind the Memo, Howard discusses his recent memo, On Bubble Watch, which revisits a subject he first wrote about 25 years ago. He delves into the investor psychology that…
On Bubble Watch
On January 2, 2000, Howard Marks published his first memo to garner any reader response, bubble.com, calling attention to excesses he detected in the market for tech and internet stocks. His newest…
Ruminating on Asset Allocation
In his latest memo, Howard Marks outlines the need to base asset allocation decisions around an established risk target. He describes the fundamental differences between ownership and debt, as well…
Shall We Repeal The Laws of Economics?
In his latest memo, Howard Marks discusses the economic facts of life, as he examines the workings of free markets and what happens when they’re tampered with. He considers what “price-gouging”…
Behind The Memo: The Impact of Debt with Howard Marks and Morgan Housel
In this special episode of Behind the Memo, Howard Marks is joined by Morgan Housel, the bestselling author and partner at the Collaborative Fund. They discuss ideas from Howard’s recent memo “The…
Mr. Market Miscalculates
In his latest memo, Howard Marks discusses the reasons for the recent market volatility using one of finance’s classic metaphors: Mr. Market, the figure Benjamin Graham created in 1949 to explain the…
Behind the Memo: The Indispensability of Risk with Howard Marks, Bruce Karsh, and Maurice Ashley
In this episode of Behind the Memo, Howard Marks is joined by two special guests: Oaktree cofounder Bruce Karsh and the chess Grandmaster Maurice Ashley. In a wide-ranging conversation, they discuss…
The Folly of Certainty
In his latest memo, Howard Marks discusses the importance of avoiding expressions of absolute certainty when operating in fields subject to randomness and human emotion, like politics, economics, and…
Frequently Asked Questions
The Memo by Howard Marks has published 77 episodes since October 2020, covering topics in Business, Investing.
The Memo by Howard Marks is currently active with new episodes monthly. Average episode length is 39m.
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