On January 2, 2000, Howard Marks published his first memo to garner any reader response, <a href="http://bubble.com/" rel="noopener noreferrer" target="_blank">bubble.com</a>, calling attention to excesses he detected in the market for tech and internet stocks. His newest memo revisits the subject of bubbles. Howard expresses his view that they’re more a state of mind than a quantitative calculation and describes bubble thinking as irrational, often underlaid by a widespread belief that ‘‘this time is different.’’ Rather than opining on whether we’re in a bubble, Howard lists the signs he sees today and suggests how you might think about them . . . just as he did 25 years ago.You can read the memo <a href="https://www.oaktreecapital.com/insights/memo/on-bubble-watch" rel="noopener noreferrer" target="_blank">here</a> (https://www.oaktreecapital.com/insights/memo/on-bubble-watch).

<description>
 &lt;p&gt;On January 2, 2000, Howard Marks published his first memo to garner any reader response, &lt;a href="http://bubble.com/" rel="noopener noreferrer" target="_blank"&gt;bubble.com&lt;/a&gt;, calling attention to excesses he detected in the market for tech and internet stocks. His newest memo revisits the subject of bubbles. Howard expresses his view that they’re more a state of mind than a quantitative calculation and describes bubble thinking as irrational, often underlaid by a widespread belief that ‘‘this time is different.’’ Rather than opining on whether we’re in a bubble, Howard lists the signs he sees today and suggests how you might think about them . . . just as he did 25 years ago.&lt;/p&gt;&lt;p&gt;You can read the memo &lt;a href="https://www.oaktreecapital.com/insights/memo/on-bubble-watch" rel="noopener noreferrer" target="_blank"&gt;here&lt;/a&gt; (https://www.oaktreecapital.com/insights/memo/on-bubble-watch).&lt;/p&gt;
 </description>

On Bubble Watch

In his latest memo, Howard Marks outlines the need to base asset allocation decisions around an established risk target.&nbsp;He describes the fundamental differences between ownership and debt, as well as the importance of finding the combination of the two that gets an investor’s portfolio to the desired position on the risk/return continuum.&nbsp;Finally, he expands on the increased utility of debt investments in today’s portfolios.You can read the memo <a href="https://www.oaktreecapital.com/docs/default-source/default-document-library/ruminating-on-asset-allocation.pdf?sfvrsn=67775566_2" rel="noopener noreferrer" target="_blank">here</a> (https://www.oaktreecapital.com/docs/default-source/default-document-library/ruminating-on-asset-allocation.pdf?sfvrsn=67775566_2).

<description>
 &lt;p&gt;In his latest memo, Howard Marks outlines the need to base asset allocation decisions around an established risk target.&amp;nbsp;He describes the fundamental differences between ownership and debt, as well as the importance of finding the combination of the two that gets an investor’s portfolio to the desired position on the risk/return continuum.&amp;nbsp;Finally, he expands on the increased utility of debt investments in today’s portfolios.&lt;/p&gt;&lt;p&gt;You can read the memo &lt;a href="https://www.oaktreecapital.com/docs/default-source/default-document-library/ruminating-on-asset-allocation.pdf?sfvrsn=67775566_2" rel="noopener noreferrer" target="_blank"&gt;here&lt;/a&gt; (https://www.oaktreecapital.com/docs/default-source/default-document-library/ruminating-on-asset-allocation.pdf?sfvrsn=67775566_2).&lt;/p&gt;
 </description>

Howard Marks's Memo "Ruminating on Asset Allocation"

Ruminating on Asset Allocation

In his latest memo, Howard Marks discusses the economic facts of life, as he examines the workings of free markets and what happens when they’re tampered with. He considers what “price-gouging” actually means and how rents should be set. He ultimately argues that the laws of economics shouldn’t be overridden — even when it’s politically advantageous to do so – because of the loss to society.You can read the memo <a href="https://www.oaktreecapital.com/docs/default-source/memos/shall-we-repeal-the-laws-of-economics.pdf?sfvrsn=ab205566_1" rel="noopener noreferrer" target="_blank">here</a> (<a href="https://www.oaktreecapital.com/docs/default-source/memos/shall-we-repeal-the-laws-of-economics.pdf?sfvrsn=ab205566_1" rel="noopener noreferrer" target="_blank">https://www.oaktreecapital.com/docs/default-source/memos/shall-we-repeal-the-laws-of-economics.pdf?sfvrsn=ab205566_1</a>).

<description>
 &lt;p&gt;In his latest memo, Howard Marks discusses the economic facts of life, as he examines the workings of free markets and what happens when they’re tampered with. He considers what “price-gouging” actually means and how rents should be set. He ultimately argues that the laws of economics shouldn’t be overridden — even when it’s politically advantageous to do so – because of the loss to society.&lt;/p&gt;&lt;p&gt;You can read the memo &lt;a href="https://www.oaktreecapital.com/docs/default-source/memos/shall-we-repeal-the-laws-of-economics.pdf?sfvrsn=ab205566_1" rel="noopener noreferrer" target="_blank"&gt;here&lt;/a&gt; (&lt;a href="https://www.oaktreecapital.com/docs/default-source/memos/shall-we-repeal-the-laws-of-economics.pdf?sfvrsn=ab205566_1" rel="noopener noreferrer" target="_blank"&gt;https://www.oaktreecapital.com/docs/default-source/memos/shall-we-repeal-the-laws-of-economics.pdf?sfvrsn=ab205566_1&lt;/a&gt;).&lt;/p&gt;
 </description>

Howard Marks's Memo "Shall We Repeal The Laws of Economics"

Shall We Repeal The Laws of Economics?

In this special episode of Behind the Memo, Howard Marks is joined by Morgan Housel, the bestselling author and partner at the Collaborative Fund. They discuss ideas from Howard’s recent memo “The Impact of Debt,” which was inspired by Morgan’s article “How I Think About Debt.” They explore the relationship between leverage and longevity, the nature of risk, and the eternal relevance of Voltaire’s famous saying: “History doesn’t repeat itself. Man always does.”You can listen to or read the Memo <a href="https://www.oaktreecapital.com/insights/memo-podcast/the-impact-of-debt" rel="noopener noreferrer" target="_blank">here</a> (https://www.oaktreecapital.com/insights/memo-podcast/the-impact-of-debt).

<description>
 &lt;p&gt;In this special episode of Behind the Memo, Howard Marks is joined by Morgan Housel, the bestselling author and partner at the Collaborative Fund. They discuss ideas from Howard’s recent memo “The Impact of Debt,” which was inspired by Morgan’s article “How I Think About Debt.” They explore the relationship between leverage and longevity, the nature of risk, and the eternal relevance of Voltaire’s famous saying: “History doesn’t repeat itself. Man always does.”&lt;/p&gt;&lt;p&gt;You can listen to or read the Memo &lt;a href="https://www.oaktreecapital.com/insights/memo-podcast/the-impact-of-debt" rel="noopener noreferrer" target="_blank"&gt;here&lt;/a&gt; (https://www.oaktreecapital.com/insights/memo-podcast/the-impact-of-debt).&lt;/p&gt;
 </description>

Oaktree's Howard Marks and Author Morgan Housel Discuss "The Impact of Debt"

Behind The Memo: The Impact of Debt with Howard Marks and Morgan Housel

In his latest memo, Howard Marks discusses the reasons for the recent market volatility using one of finance’s classic metaphors: Mr. Market, the figure Benjamin Graham created in 1949 to explain the erratic nature of financial markets.&nbsp;Howard pulls together some of his best writing on investor psychology from the past three decades, adds some of his favorite investing cartoons, and offers a few new observations. He suggests that Mr. Market’s lessons about the behavior of markets are as relevant today as they were 75 years ago.You can read the memo <a href="https://cnt.oaktreecapital.com/docs/default-source/memos/mr-market-miscalculates.pdf?sfvrsn=ddfe5566_1" rel="noopener noreferrer" target="_blank">here</a> (https://cnt.oaktreecapital.com/docs/default-source/memos/mr-market-miscalculates.pdf?sfvrsn=ddfe5566_1).

<description>
 &lt;p&gt;In his latest memo, Howard Marks discusses the reasons for the recent market volatility using one of finance’s classic metaphors: Mr. Market, the figure Benjamin Graham created in 1949 to explain the erratic nature of financial markets.&amp;nbsp;Howard pulls together some of his best writing on investor psychology from the past three decades, adds some of his favorite investing cartoons, and offers a few new observations. He suggests that Mr. Market’s lessons about the behavior of markets are as relevant today as they were 75 years ago.&lt;/p&gt;&lt;p&gt;You can read the memo &lt;a href="https://cnt.oaktreecapital.com/docs/default-source/memos/mr-market-miscalculates.pdf?sfvrsn=ddfe5566_1" rel="noopener noreferrer" target="_blank"&gt;here&lt;/a&gt; (https://cnt.oaktreecapital.com/docs/default-source/memos/mr-market-miscalculates.pdf?sfvrsn=ddfe5566_1).&lt;/p&gt;
 </description>

Howard Marks's Memo "Mr. Market Miscalculates"

Mr. Market Miscalculates

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.

The Memo by Howard Marks

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