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.
This podcast episode explores the concept of certainty and how it can be misleading in predicting outcomes. The future is inherently uncertain, and attempting to forecast all the variables and random influences is impossible. The unpredictability of events and the futility of making predictions are emphasized, reinforc...
This podcast episode explores the concept of sea change in financial markets and the impact of declining interest rates on various aspects of the economy. The speaker emphasizes the need to adapt to the changing investment landscape and considers the potential consequences of the end of the easy money period. Additiona...
This podcast features an interview with Howard Marks, co-founder of Oaktree Capital, discussing his investment philosophy and risk management strategies. The conversation covers his approach to investing, emphasizing risk control, consistency, and specialization, while highlighting the limitations of market timing and...
This episode explores the impact of debt on longevity and financial stability, drawing insights from Morgan Housel's analysis of long-lasting Japanese businesses, Shinisei, which typically avoid debt and hold substantial cash reserves. Howard Marks reflects on his 2008 memo, "Volatility plus Leverage equals Dynamite," ...
The "Insight by Oaktree Capital" podcast features Anna Schmansky interviewing Oaktree leaders Howard Marks, Armen Panossian, and David Rosenberg at Oaktree's client conference in Los Angeles. The discussions revolve around the recent market performance amid uncertainty, trends in liquid credit, and the impact of techni...
This podcast episode by Howard Marks discusses the indispensable role of risk in investing, drawing analogies from chess and backgammon. Marks explains different types of risk ("sham" vs. "real" sacrifices) and argues that avoiding risk entirely is itself a significant risk, leading to potentially insufficient returns...
This podcast episode explores decision-making in various contexts, ranging from games and gambling to investing. It highlights the importance of decision quality and emphasizes that success is not solely determined by outcomes but by the process and judgment involved. The episode discusses the strategies involved in di...
This episode explores the history of interest rates and their profound impact on financial markets, inspired by Edward Chancellor's book, "The Price of Time." The discussion begins with Howard Marks reflecting on how Chancellor's previous work influenced his memo writing, particularly during the dot-com bubble. Against...
This episode explores the impact of low interest rates on the economy and investment behavior, drawing heavily on insights from Edward Chancellor's "The Price of Time." Marks begins by outlining the backdrop of unusually low interest rates from 2008 to 2021 and their effects, likening them to a moving walkway that made...
This episode explores Oaktree Capital's perspectives on financial markets, recession impacts on liquid credit, and opportunities in life sciences lending, featuring insights from Howard Marks, David Rosenberg, and Aman Kumar. Marks emphasizes questioning perceived norms in financial markets, especially regarding intere...
This episode explores decision-making under uncertainty, highlighting the interplay of luck, skill, and decision quality in investment and beyond. Annie Duke introduces the core concept of "Thinking in Bets," emphasizing the need to separate outcome quality from decision quality due to the significant influence of luck...
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