The Memo by Howard Marks

In the latest episode of Behind the Memo, Howard discusses his most recent memo, Sea Change. He explains why the shift we may currently be experiencing could force investors to rethink the meaning of "normal."You can listen to Sea Change in the prior episode or read it here (https://www.oaktreecapital.com/insights/memo/sea-change).

In his latest memo, Howard Marks writes that the investment world may be experiencing the third major sea change over the last 50 years. Events in recent years – especially the spike in inflation and the Federal Reserve’s response – appear to have caused a reversal of the market conditions that prevailed during the post-GFC (Global Financial Crisis) period and for much of the last four decades. Howard discusses what this potentially new era could mean for lenders, especially bargain hunters. The memo is read by LJ Ganser.You can read the memo here (https://www.oaktreecapital.com/insights/memo/sea-change).

In the latest episode of Behind the Memo, Howard discusses his most recent memo, What Really Matters?, and looks back on a year of memo-writing.  He considers the themes that have dominated his thinking in 2022 and highlights his key messages for investors, including one they may not want to hear.You can listen to What Really Matters? in the prior episode or read it here (https://www.oaktreecapital.com/insights/memo/what-really-matters).

In his latest memo, Howard Marks weaves together some of the themes he’s explored in 2022 to explain what he believes really matters in investing and what doesn’t. He discusses the disadvantages of short-term thinking, the difference between volatility and risk, and the one word he believes defines the essence of investment excellence.The memo is read by LJ Ganser.You can read the memo here ( ).

Howard reflects on memos related to the Global Financial Crisis with Bob O’Leary, Co-Portfolio Manager of Oaktree’s Global Opportunities strategy. They share their most striking memories from the years leading up to and during the crisis. They also discuss today’s market environment and consider whether investors have forgotten many of the lessons they should have learned during this tumultuous period.

In the latest episode of Behind the Memo, Howard discusses key themes from his recent memo, The Illusion of Knowledge.  He explains why creating helpful macro forecasts is so challenging and why “thinking about macro” and forecasting aren’t the same thing. You can listen to The Illusion of Knowledge in the prior episode or read it here (https://www.oaktreecapital.com/insights/memo/the-illusion-of-knowledge).

Howard Marks has long questioned the value of macro forecasts, but in his latest memo, he explains why creating profitable forecasts is so difficult. He discusses the incredible complexity involved in modeling an economy and makes it clear that forecasting mostly provides the illusion of knowledge. He argues that investors are better off accepting reality — that the macro future is largely unknowable — and focusing on what they can know. The memo is read by LJ Ganser.You can read the memo here (https://www.oaktreecapital.com/insights/memo/the-illusion-of-knowledge).

In the latest episode of Behind the Memo, Howard discusses his recent memo, I Beg to Differ.  He explains why investors seeking to outperform need to think differently, be exceptional, and be prepared to look wrong – even when they’re right.You can listen to I Beg To Differ in the prior episode or read it here (https://www.oaktreecapital.com/insights/memo/i-beg-to-differ).

Howard Marks’s latest memo argues that investors seeking superior performance must have the courage to depart from the pack, even though doing so means accepting the risk of being wrong. Thinking differently and better than others is key to outperformance, he explains, because in investing, it’s not enough to be right. You have to be more right than most. This means being able to tell when the investment crowd is focused on all the wrong things.The memo is read by LJ Ganser. You can read the memo here (https://cnt.oaktreecapital.com/docs/default-source/memos/i-beg-to-differ.pdf?sfvrsn=7d814866_9)

Howard reflects on this memo, originally published on January 11, 2021, with his son Andrew Marks. They discuss why open-mindedness – at all ages – is key when investing in a rapidly changing world. Andrew is the co-managing partner of TQ Ventures, a technology-focused venture capital firm founded four years ago that has over 80 portfolio companies.You can read “Something of Value” here (https://www.oaktreecapital.com/docs/default-source/memos/something-of-value.pdf).The memo is read by LJ Ganser.