Introducing “The Rewind”: The Route To Performance

In this episode of "The Memo by Howard Marks," Howard reflects on his first memo, "The Route To Performance," published in 1990. He discusses the memo's origins, his initial lack of intention to create a regular series, and the evolution of its distribution from physical copies to email, eventually reaching a global audience. Howard emphasizes that the memos are not about sharing proprietary information but about contributing to the reader's investment education and reiterating Oaktree's culture. He also shares insights into his writing process, the importance of consistency over striving for top-percentile performance, and the value of avoiding significant losses. The episode concludes with a reading of the original 1990 memo.