35 Years of Memos

This Oaktree podcast features a fireside chat with Howard Marks, moderated by Harry Whitelaw, celebrating the 35th anniversary of Marks' memos. Marks discusses the origins of his memos, starting in 1990, and his focus on clarity and investor psychology. He reflects on key memos, including one on the dot-com bubble and another before the global financial crisis, emphasizing the importance of contrarian thinking, risk management, and intellectual humility. Marks also touches on the challenges and opportunities in different economic environments, such as the period following the financial crisis and the COVID-19 pandemic, and the impact of interest rates on asset values, highlighting the need to adapt investment strategies and avoid the pitfalls of extrapolating current trends indefinitely. He concludes by expressing his hope that his memos prompt readers to think differently and acknowledging the role of luck in his career.