A Look Under the Hood

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).

4 Elo 202224min

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)

26 Heinä 202247min

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.

16 Kesä 20221h 25min

In the latest episode of Behind the Memo, Howard discusses his recent memo, Bull Market Rhymes. Howard explains why investing keeps getting harder and why looking to the past can potentially help investors better analyze the innovations that may – or may not – shape the future. You can listen to Bull Market Rhymes in the prior episode or read it here (https://www.oaktreecapital.com/insights/memo/bull-market-rhymes).

2 Kesä 202216min

Howard Marks’s latest memo explores recurring investment themes to contextualize the current market correction and the bull market that preceded it. He discusses the role played by financial innovations like SPACs and cryptocurrencies and why he believes psychology, not fundamentals, primarily drives investment cycles – and likely always will. The memo is read by LJ Ganser.You can read the memo here (https://www.oaktreecapital.com/docs/default-source/memos/bull-market-rhymes.pdf?sfvrsn=df8b4b66_9).

26 Touko 202244min

Howard reflects on this memo (https://www.oaktreecapital.com/docs/default-source/memos/lines-in-the-sand.pdf) originally published on April 18, 2017. Following up on his classic memo You Can’t Eat IRR (https://www.oaktreecapital.com/docs/default-source/memos/2006-07-12-you-cant-eat-irr.pdf), he discusses why financial innovations that can artificially boost IRRs, like subscription lines, should be treated cautiously and why no single performance metric tells the whole story. The memo is read by LJ Ganser.

28 Huhti 202244min

In the latest episode of Behind the Memo, Howard discusses the origins and important themes of his recent memo, The Pendulum in International Affairs. Howard explains why one of his favorite metaphors – the pendulum – can help investors understand psychology, markets and foreign policy.You can listen to The Pendulum in International Affairs in the prior episode or read it here (https://www.oaktreecapital.com/docs/default-source/memos/the-pendulum-in-intl-affairs.pdf?sfvrsn=53b17666_7).

31 Maalis 202221min

Howard Marks’s latest memo connects two seemingly unrelated trends – Europe’s energy dependence and U.S. offshoring – to explain why the pendulum of companies’ and countries’ behavior may be swinging away from globalization and toward onshoring. This shift will likely create risk for investors but also opportunities.The memo is read by LJ Ganser.You can read the memo here (https://www.oaktreecapital.com/docs/default-source/memos/the-pendulum-in-intl-affairs.pdf).

23 Maalis 202229min