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. The discussion begins with the origins of the memos in 1990, highlighting Marks' focus on clarity and simplicity in his writing. They discuss the impact of the "bubble.com" memo and Marks' contrarian investment approach during the global financial crisis. The conversation also covers the importance of risk management, intellectual humility, and second-level thinking in investing, as well as the role of luck and the challenges of a low-return environment. Marks emphasizes the need to adapt to changing environments and avoid the common mistake of assuming current trends will continue indefinitely, and he hopes his memos encourage people to think differently about investing.