The Memo by Howard Marks

‌

Episodes

‌

Oaktree Capital Management•art19.com

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.

Episodes

2020 in Review

Last year featured a jaw-dropping list of extremes, from a once-in-a-century pandemic to record-breaking market moves. Howard Marks writes in his latest memo about approaching the investment environment left in 2020’s wake – one generating many questions and no easy answers. (March 4, 2021) You can read the memo here ( https://www.oaktreecapital.com/insights/howard-marks-memos ). The memo is read by LJ Ganser....

Mar 19, 2021•31 min•Ep 6•Transcript available on Metacast

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

Howard looks back on this memo, originally published on November 20, 2001. The title was inspired by a TV commercial tagline from that time: “It's almost a Yogi Berra type statement that makes no apparent sense on first reading, but then it turns out to be quite wise.” You can read the memo here ( https://www.oaktreecapital.com/docs/default-source/memos/2001-11-20-you-cant-predict-you-can-prepare.pdf?sfvrsn=bc00f65_2 ). The memo is read by LJ Ganser....

Feb 24, 2021•52 min•Ep 5•Transcript available on Metacast

Something of Value

The dichotomy of “value” and “growth” investing has become a sharp stylistic divide. But is it helpful? In his latest memo, Howard Marks discusses how he views the art and science of value investing, especially in the increasingly efficient and complex world we face today. (January 11, 2021) You can read the memo here ( https://www.oaktreecapital.com/docs/default-source/memos/something-of-value.pdf ). The memo is read by LJ Ganser....

Jan 14, 2021•1 hr 3 min•Ep 4•Transcript available on Metacast

The Rewind: bubble.com

Howard looks back on his memo titled “bubble.com,” originally published on January 2, 2000, and credited with making his memo writing an “overnight success” after 10 years without a single response. To view the referenced graphics, see the original memo  here  ( https://www.oaktreecapital.com/docs/default-source/memos/2000-01-02-bubble.pdf?sfvrsn=37bc0f65_2 ).  The memo is read by LJ Ganser....

Dec 21, 2020•53 min•Ep 3•Transcript available on Metacast

Introducing “The Rewind”: The Route To Performance

Today we debut a new series, “The Rewind,” in which Howard looks back on some of his memos over the years, discusses their origin and considers their relevance in today’s financial environment. We start with his very first memo, “The Route To Performance,” originally published on October 12, 1990. The memo is read by LJ Ganser.

Nov 30, 2020•19 min•Ep 2•Transcript available on Metacast

Coming Into Focus

In his latest memo, Howard Marks discusses the unusual characteristics of this year’s economy; the impact of Covid-related monetary and fiscal policy actions on today’s markets; and the possible ramifications of the Fed/Treasury’s rescue efforts. (October 13, 2020) The memo is read by LJ Ganser.

Oct 19, 2020•1 hr•Ep 1•Transcript available on Metacast