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.
Government attempts to override fundamental economic laws through market intervention are largely ineffective and potentially harmful. Treasury buybacks and artificial yield suppression function as cosmetic responses that fail to address root causes like stubborn inflation, fiscal indiscipline, and the massive capital ...
Oaktree Capital's client conference 2026 is featured, with co-founder Howard Marks providing insights on credit market evolution and investment strategies. Armen Panosian's discussion on the evolution of private and liquid credit markets sets the stage for Marks's historical perspective, beginning with high-yield bonds...
Howard Marks reflects on the rapid advancements and potential implications of artificial intelligence, particularly since his December memo. He shares insights gained from Anthropic's AI model, Claude, emphasizing AI's capacity for synthesizing data and reasoning, rather than just retrieving information. Marks explores...
In this memo, Howard Marks explores the possibility of an AI bubble, distinguishing between company behavior and investor behavior within the AI industry. He reflects on the nature of bubbles, drawing parallels to historical events like the railroad boom and the internet bubble, and discusses the potential benefits of ...
In this episode of "The Memo by Howard Marks," Marks discusses the recent bankruptcies of First Brands and Tricolor, drawing parallels to the "cockroach in the coal mine" analogy, suggesting potential underlying issues in the sub-investment grade credit market. He reflects on the cyclical nature of financial markets, p...
In this episode of "The Memo by Howard Marks," Marks reflects on his experience providing feedback to a U.S. state pension fund's board and senior staff regarding a consultant's survey. He shares the consultant's approach to assessing the board's attitude toward risk using a two-by-two matrix based on the plan's abilit...
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 ...
In this monologue podcast, Howard Marks presents his memo, "The Calculus of Value," offering an update on asset values and investment strategies. He discusses the concepts of value and price, emphasizing that an asset's value is derived from its earning power and fundamentals, while price is influenced by investor psyc...
In this episode of "The Memo by Howard Marks," Marks discusses the concept of governments attempting to override the laws of economics, using rent control and California fire insurance as examples where intervention led to negative consequences. He then transitions to tariffs, examining their intended goals, potential ...
This Oaktree podcast excerpt commemorates the firm's 30th anniversary with a fireside chat featuring co-founders Howard Marks, Bruce Karsh, and Sheldon Stone, moderated by Madeleine Horton. They discuss how they met and the genesis of Oaktree, including the initial idea for a distressed debt fund, the firm's founding p...
This episode explores the unpredictable nature of economic forecasting and the implications of President Trump's tariffs. Against the backdrop of the 2008 financial crisis and the COVID-19 pandemic, Howard Marks emphasizes the limitations of predicting future economic events, highlighting the numerous unprecedented un...
This podcast is a monologue by Howard Marks discussing credit markets, specifically high-yield bonds. He addresses current concerns about narrow yield spreads, arguing that historical data suggests these spreads are still sufficient to offset potential credit losses, particularly for active managers. Marks also contr...
This podcast interviews Howard Marks about his memo on market bubbles. Marks argues that bubbles are driven by investor psychology, specifically the fear of missing out (FOMO), rather than solely by rising prices. He uses historical examples like the Nifty Fifty and the dot-com bubble to illustrate how the "no price t...
This podcast is a monologue by Howard Marks discussing the presence of bubbles in the stock market, particularly focusing on the current valuation of the S&P 500 and its top seven companies ("Magnificent Seven"). Marks uses historical examples like the Nifty Fifty and the dot-com bubble to illustrate his points about ...
In this podcast episode, Howard Marks shares his updated views on asset allocation, urging listeners to look beyond the traditional 60/40 model. He delves into the key asset classes of ownership and debt, highlighting the complex risk-return relationships that come with each. Marks stresses the need for investors to ad...
This podcast episode provides a critical analysis of the intersection between economic principles and political rhetoric, emphasizing how political promises often disregard the harsh realities of economics. Howard Marks argues that understanding the fundamentals of scarcity, supply and demand, and the consequences of g...
This podcast episode discusses the impact of debt on investor longevity, focusing on the philosophical and psychological aspects rather than purely mathematical calculations. The conversation features Morgan Housel, author of "The Psychology of Money," who argues that high debt narrows the range of survivable outcomes...
This podcast episode provides an insightful examination of market volatility and the psychological factors that drive investor behavior, personified by the metaphor of "Mr. Market." By highlighting the cyclical swings from euphoria to depression and the irrationality that often colors market perceptions, the discussion...
This podcast explores the parallels between strategic risk-taking in chess and investing. The discussion begins with Maurice Ashley, a chess grandmaster, explaining the concept of "sacrifice" in chess and its strategic implications. Howard Marks and Bruce Karsh, both from Oaktree Capital Management, then relate this ...
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