The Memo by Howard Marks
By Oaktree Capital Management
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.
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- 22:03
30 Years of Oaktree
Howard Marks, Bruce Karsh, and Sheldon Stone reflect on 30 years of Oaktree's history, culture, and future vision during a celebratory fireside chat.
Oaktree founding storiesinvestment philosophyfirm culturebalanced lifeno-jerk policybusiness principlesleadership successioninvestment management evolutionfirm's future visiondislocation opportunitiesfirm reputationculture preservationinternal promotionlong-term successfirm anniversary - 35:19
Nobody Knows (Yet Again)
- 29:29
Gimme Credit
In this episode, Howard Marks discusses the current state of credit spreads and argues that today's spreads are sufficient to offset expected credit losses, emphasizing the advantages of high-yield bonds over equities.
credit spreadshigh-yield bondsprivate creditequitiesyield spreadinvestment performancedefault riskOaktree Capitalinterest ratesmarket psychologyfinancial crisisrisk premiumcontractual returnsS&P 500Barclays - 25:26
Behind The Memo: On Bubble Watch
In this episode, Howard Marks and Harry Whitelaw discuss the psychological underpinnings of market bubbles, emphasizing the role of investor sentiment and the dangers of FOMO.
market bubbleinvestor psychologyFOMOrisk aversionTulip CrazeSouth Sea BubbleNifty 50AImeme coininvestment managementemotional sentimenthistorical precedentasset allocationcredit bubbleequity bubble - 35:27
On Bubble Watch
In this episode, Howard Marks revisits the concept of market bubbles, discussing their psychological aspects and current market conditions, particularly focusing on the S&P 500 and its leading stocks.
bubblesS&P 500Magnificent Sevenmarket psychologyirrational exuberancehistorical bubblesNVIDIA - 26:33
Ruminating on Asset Allocation
In this episode, Howard Marks discusses the importance of asset allocation based on risk targets, emphasizing the differences between ownership and debt investments.
asset allocationownershipdebtcredit investmentsportfolio constructionreturns - 55:00
Shall We Repeal The Laws of Economics?
Howard Marks discusses the importance of respecting the laws of economics, arguing that price gouging is a natural response to changes in supply and demand, and that government intervention can have unintended consequences, while also touching on topics such as rent control, social security, and the national debt.
price gougingeconomicsfree marketsrent controlinflationgovernment interventionsocial securitynational debt - 39:14
Behind The Memo: The Impact of Debt with Howard Marks and Morgan Housel
Howard Marks and Morgan Housel discuss the impact of debt on longevity, the cyclical nature of market fluctuations, and the importance of understanding risk and embracing volatility in the investment process.
debtleveragerisklongevityinvestmentpsychologyvolatilityinterest rates - 39:14
The Insight: Conversations - Oaktree Conference 2024 Edition
Howard Marks and Oaktree's Global Credit team discuss the sea change in financial markets, highlighting the importance of quality and avoiding risk in the high-yield market, and the current state of the loan market, including rescue loans and opportunistic credit.
sea changeinterest ratesopportunistic credit - 41:12
Bonus Episode: Howard Marks on “In Good Company”