The Memo by Howard Marks

The Rewind: It’s All a Big Mistake

Introducing "Behind The Memo": Selling Out

Selling Out

In this episode of "The Memo by Howard Marks," Marks delves into the complexities of selling investments, challenging the simplistic "buy low, sell high" adage. He argues against selling solely based on price increases or decreases, highlighting the psychological factors that drive such decisions, like fear of losing g...

The Rewind: Uncertainty

The Winds of Change

The Rewind: What Does The Market Know?

The Rewind: On The Couch

The Rewind: Us and Them

Thinking About Macro

The Rewind: It Is What It Is

The Rewind: Dare to Be Great II

The Rewind: Dare to Be Great

2020 in Review

The Rewind: You Can’t Predict. You Can Prepare.

In this episode of "The Memo," Howard Marks revisits his memo "You Can't Predict, You Can Prepare," originally published in 2001. Marks reflects on the memo's origins, inspired by a MassMutual tagline, and its continued relevance to investment markets. He emphasizes the importance of understanding risk versus loss and ...

Something of Value

The Rewind: bubble.com

In this episode of The Memo, Howard Marks revisits his memo "Bubble.com," originally published in January 2000, reflecting on the tech and internet stock rise of the late 90s and its parallels to historical financial speculations, particularly the South Sea Bubble. Marks discusses the factors contributing to market bub...

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 au...

Coming Into Focus