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Howard Marks

Oaktree Capital · 124 letters
Howard Marks Oaktree Capital 2026 Memo
AI Hurtles Ahead
A Howard Marks memo from 2026 discussing investment principles and market perspectives.
Howard Marks Oaktree Capital 2025 Memo
Gimme Credit
A Howard Marks memo from 2025 discussing investment principles and market perspectives.
Howard Marks Oaktree Capital 2025 Memo
On Bubble Watch
A Howard Marks memo from 2025 discussing investment principles and market perspectives.
Howard Marks Oaktree Capital 2025 Memo
Is It a Bubble?
A Howard Marks memo from 2025 discussing investment principles and market perspectives.
Howard Marks Oaktree Capital 2025 Memo
Cockroaches in the Coal Mine
A Howard Marks memo from 2025 discussing investment principles and market perspectives.
Howard Marks Oaktree Capital 2025 Memo
A Look Under the Hood
A Howard Marks memo from 2025 discussing investment principles and market perspectives.
Howard Marks Oaktree Capital 2025 Memo
The Best of . . .
A Howard Marks memo from 2025 discussing investment principles and market perspectives.
Howard Marks Oaktree Capital 2025 Memo
The Calculus of Value
A Howard Marks memo from 2025 discussing investment principles and market perspectives.
Howard Marks Oaktree Capital 2025 Memo
Nobody Knows (Yet Again)
A Howard Marks memo from 2025 discussing investment principles and market perspectives.
Howard Marks Oaktree Capital 2025 Memo
More on Repealing the Laws of Economics
A Howard Marks memo from 2025 discussing investment principles and market perspectives.
Howard Marks Oaktree Capital 2024 Memo
The Folly of Certainty
A Howard Marks memo from 2024 discussing investment principles and market perspectives.
Howard Marks Oaktree Capital 2024 Memo
The Indispensability of Risk
A Howard Marks memo from 2024 discussing investment principles and market perspectives.
Howard Marks Oaktree Capital 2024 Memo
Easy Money
A Howard Marks memo from 2024 discussing investment principles and market perspectives.
Howard Marks Oaktree Capital 2024 Memo
Ruminating on Asset Allocation
A Howard Marks memo from 2024 discussing investment principles and market perspectives.
Howard Marks Oaktree Capital 2024 Memo
Shall We Repeal the Laws of Economics?
A Howard Marks memo from 2024 discussing investment principles and market perspectives.
Howard Marks Oaktree Capital 2024 Memo
Mr. Market Miscalculates
A Howard Marks memo from 2024 discussing investment principles and market perspectives.
Howard Marks Oaktree Capital 2024 Memo
The Impact of Debt
A Howard Marks memo from 2024 discussing investment principles and market perspectives.
Howard Marks Oaktree Capital 2023 Memo
Further Thoughts on Sea Change
A Howard Marks memo from 2023 discussing investment principles and market perspectives.
Howard Marks Oaktree Capital 2023 Memo
Taking the Temperature
A Howard Marks memo from 2023 discussing investment principles and market perspectives.
Howard Marks Oaktree Capital 2023 Memo
Lessons from Silicon Valley Bank
A Howard Marks memo from 2023 discussing investment principles and market perspectives.
Howard Marks Oaktree Capital 2023 Memo
Fewer Losers, or More Winners?
A Howard Marks memo from 2023 discussing investment principles and market perspectives.
Howard Marks Oaktree Capital 2022 Memo
Bull Market Rhymes
A 2022 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2022 Memo
Sea Change
Marks argues that the era of declining interest rates (1980–2021) produced an unprecedented tailwind for asset prices and that its reversal represents a fundamental "sea change" in the investment landscape. The rules that worked for 40 years may not work going forward.
Howard Marks Oaktree Capital 2022 Memo
What Really Matters?
A 2022 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2022 Memo
The Illusion of Knowledge
A 2022 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2022 Memo
I Beg to Differ
A 2022 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2022 Memo
Conversation at Panmure House
A 2022 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2022 Memo
The Pendulum in International Affairs
A 2022 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2022 Memo
Selling Out
A 2022 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2021 Memo
2020 in Review
A 2021 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2021 Memo
Something of Value
Marks bridges the growth-versus-value investing debate, arguing that the distinction is largely false. The real question is not growth or value but whether you understand the business well enough to assess its worth—and whether you're paying a fair price.
Howard Marks Oaktree Capital 2021 Memo
The Winds of Change
A 2021 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2021 Memo
Thinking About Macro
A 2021 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2020 Memo
Not Enough
A 2020 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2020 Memo
Uncertainty II
A 2020 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2020 Memo
Uncertainty
A 2020 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2020 Memo
Knowledge of the Future
A 2020 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2020 Memo
Calibrating
A 2020 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2020 Memo
Which Way Now?
A 2020 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2020 Memo
Latest Update
A 2020 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2020 Memo
You Bet!
A 2020 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2020 Memo
Nobody Knows II
A 2020 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2020 Memo
Coming into Focus
A 2020 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2020 Memo
Time for Thinking
A 2020 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2020 Memo
The Anatomy of a Rally
A 2020 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2019 Memo
Growing the Pie
A 2019 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2019 Memo
Mysterious
A 2019 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2019 Memo
On the Other Hand
A 2019 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2019 Memo
This Time It's Different
A 2019 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2019 Memo
Political Reality Meets Economic Reality
A 2019 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2018 Memo
The Seven Worst Words in the World
A 2018 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2018 Memo
Latest Thinking
A 2018 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2018 Memo
Investing Without People
A 2018 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2017 Memo
Expert Opinion
A 2017 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2017 Memo
Lines in the Sand
A 2017 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2017 Memo
Yet Again?
A 2017 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2017 Memo
There They Go Again . . . Again
A 2017 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2016 Memo
What Does the Market Know?
A 2016 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2016 Memo
Go Figure!
A 2016 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2016 Memo
Implications of the Election
A 2016 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2016 Memo
Political Reality
A 2016 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2016 Memo
Economic Reality
A 2016 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2016 Memo
On the Couch
A 2016 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2015 Memo
Inspiration from the World of Sports
A 2015 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2015 Memo
It's not Easy
A 2015 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2015 Memo
Risk Revisited Again
A 2015 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2015 Memo
Liquidity
A 2015 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2014 Memo
The Lessons of Oil
A 2014 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2014 Memo
Dare to Be Great II
Marks explains why conventional thinking can never produce unconventional results, and why the path to great investing requires not just being different but being different and right—a combination that demands both insight and the courage to act on it.
Howard Marks Oaktree Capital 2014 Memo
Risk Revisited
A 2014 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2014 Memo
Dare to Be Great II
A 2014 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2014 Memo
Getting Lucky
A 2014 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2013 Memo
The Race Is On
A 2013 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2013 Memo
The Role of Confidence
A 2013 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2013 Memo
The Outlook for Equities
A 2013 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2013 Memo
High Yield Bonds Today
A 2013 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2013 Memo
Ditto
A 2013 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2012 Memo
A Fresh Start (Hopefully)
A 2012 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2012 Memo
On Uncertain Ground
A 2012 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2012 Memo
It's All A Big Mistake
A 2012 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2012 Memo
Déjà Vu All Over Again
A 2012 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2012 Memo
Assessing Performance Records: A Case Study
A 2012 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2012 Memo
What Can We Do For You?
A 2012 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2011 Memo
It's All Very Taxing
A 2011 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2011 Memo
What's Behind the Downturn?
A 2011 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2011 Memo
Down to the Wire
A 2011 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2011 Memo
How Quickly They Forget
A 2011 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2011 Memo
On Regulation
A 2011 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2010 Memo
I'd Rather Be Wrong
A 2010 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2010 Memo
All That Glitters
A 2010 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2010 Memo
Open and Shut
A 2010 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2010 Memo
Hemlines
A 2010 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2010 Memo
It's Greek to Me
A 2010 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2010 Memo
Warning Flags
A 2010 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2010 Memo
Tell Me I'm Wrong
A 2010 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2009 Memo
Touchstones
A 2009 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2009 Memo
So Much That's False and Nutty
A 2009 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2009 Memo
Will It Work?
A 2009 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2009 Memo
The Long View
A 2009 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2008 Memo
Volatility + Leverage = Dynamite
A 2008 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2008 Memo
The Limits to Negativism
A 2008 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2008 Memo
Plan B
A 2008 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2008 Memo
Nobody Knows
A 2008 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2008 Memo
What Worries Me
A 2008 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2008 Memo
Doesn't Make Sense
A 2008 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2008 Memo
The Aviary
A 2008 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2008 Memo
The Tide Goes Out
A 2008 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2008 Memo
Whodunit
A 2008 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2008 Memo
Now What?
A 2008 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2007 Memo
No Different This Time – The Lessons of '07
A 2007 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2007 Memo
Now It's All Bad?
A 2007 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2007 Memo
It's All Good . . . Really?
A 2007 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2007 Memo
It's All Good
A 2007 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2007 Memo
Everyone Knows
A 2007 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2007 Memo
The Race to the Bottom
A 2007 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2006 Memo
Pigweed
A 2006 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2006 Memo
The New Paradigm
A 2006 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2006 Memo
Dare to Be Great
A 2006 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2006 Memo
You Can't Eat IRR
A 2006 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2006 Memo
Returns, Absolute Returns and Risk
A 2006 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2006 Memo
It Is What It Is
A 2006 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2006 Memo
Risk
A 2006 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2005 Memo
Hindsight First, Please
A 2005 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.
Howard Marks Oaktree Capital 2005 Memo
A Case in Point
A 2005 Howard Marks memo discussing investment principles, market psychology, and risk management from Oaktree Capital.