In his latest memo, Howard Marks considers what chess can teach investors about the paradox of risk-taking. Drawing on insights from a recent Wall Street Journal article (https://www.wsj.com/sports/chess-teaches-the-power-of-sacrifice-221db7b7) by chess grandmaster Maurice Ashley, Howard explains why not taking enough risk may be one of the riskiest strategies of all.

You can read the memo here (https://www.oaktreecapital.com/insights/memo/the-indispensability-of-risk).

In his 2020 memo You Bet!, Howard Marks explained what it means to “think in bets,” as he discussed the many parallels between investing and games of chance. Now you can listen to You Bet!, the first release from The Memo by Howard Marks: The Archive. We’ve received many requests for an audio library of the memos that Howard Marks has published over the last 34 years, so we’re going to begin building this archive by releasing audio versions of some of Howard’s most popular memos.

To hear more about Howard’s thoughts on this memo, listen to his conversation with former professional poker player and best-selling author Annie Duke, whose 2018 book Thinking in Bets was the inspiration for the memo. This special episode (https://www.oaktreecapital.com/insights/insight-podcast/market-commentary/the-insight-conversations-special-episode-with-annie-duke-and-howard-marks) of the The Insight: Conversations with Howard and Annie was released in December 2023.

In this special episode of Behind the Memo, Howard Marks is joined by journalist and financial historian Edward Chancellor to discuss ideas from Howard’s recent memo, Easy Money, which was inspired by Edward’s book, The Price of Time: The Real Story of Interest. They explore the history of interest rates, the profound impact they’ve had on financial markets, and the potential dangers of keeping them too low.

You can listen to "Easy Money" in the prior episode in this feed.

In his latest memo, Howard Marks considers what financial history can teach us about periods of easy money, the impact they have on investor behavior, and what happens when they end. He analyzes macroeconomic trends using insights from Edward Chancellor’s latest book The Price of Time: The Real Story of Interest to argue that we’re unlikely to soon see the return of the permissive investment climate that prevailed in recent decades.

The memo is read by LJ Ganser.

You can read the memo here (https://www.oaktreecapital.com/insights/memo/easy-money).

What is a “normal” investment environment? What might a recession in 2024 mean for liquid credit? What’s happening in life sciences lending today? Find out by listening to the latest episode of The Insight: Conversations with Howard Marks (Co-Chairman), David Rosenberg (Co-Portfolio Manager, Global Credit), and Aman Kumar (Co-Portfolio Manager, Life Sciences Lending). They discuss topics from the December edition of The Roundup: Top Takeaways from Oaktree’s Quarterly Letters and consider what investors should focus on as we enter 2024 – and what remains unknowable.

Special guest Annie Duke (former professional poker player, best-selling author) joins Howard Marks to discuss ideas from her book Thinking in Bets and Howard’s memo You Bet!  They explore luck, decision quality, uncertainty, and more in this special episode of The Insight: Conversations.

Howard Marks (Co-Chairman) and Armen Panossian (Head of Performing Credit) discuss topics related to Howard’s latest memo, Further Thoughts on Sea Change, and Oaktree’s recently published Performing Credit Quarterly 3Q2023 in this crossover episode of The Insight: Conversations and Behind the Memo. They consider the implications of the potential sea change reshaping the investment environment, the tail risks building in today’s markets, and what it means to be in a full return world.

In his latest memo, Howard Marks provides a follow-up to Sea Change (https://www.oaktreecapital.com/insights/memo/sea-change), his thought-provoking memo published in December 2022. He argues that the trends he highlighted in the original memo collectively represent a sweeping alteration of the investment environment that calls for significant capital reallocation. Further Thoughts on Sea Change was originally sent exclusively to Oaktree clients on May 30, 2023. All market data cited in this memo is as of May 30, 2023.

The memo is read by LJ Ganser.

You can read the memo here (https://www.oaktreecapital.com/docs/default-source/memos/further-thoughts-on-sea-change3dda4540-569f-4415-9a5b-004fbabf06d4.pdf?sfvrsn=c3cc5166_3).

How have credit investors been successfully navigating the volatile interest rate environment?  Which sectors currently look attractive to opportunistic credit investors?  What are some of the major misconceptions about today’s commercial real estate market?  In this episode of The Insight: Conversations, Wayne Dahl (Assistant Portfolio Manager, Global Credit), Robert O’Leary (Portfolio Manager, Global Opportunities), and Mark Jacobs (Co-Portfolio Manager, Real Estate Income) discuss topics from the September edition of The Roundup: Top Takeaways from Oaktree’s Quarterly Letters (https://www.oaktreecapital.com/insights/insight-commentary/market-commentary/the-roundup-top-takeaways-from-oaktrees-quarterly-letters-september-2023-edition) and explain what it means to be in a credit picker’s market.

In the latest episode of Behind the Memo, Howard discusses his recent memo: Fewer Losers, or More Winners?  He details the inspiration for the memo and explains why investors – like tennis players – need to consider their skill level, aspirations, and risk tolerance when asking themselves a fundamental question: Should I go for more winners, or try to avoid the losers?

You can listen to Fewer Losers, or More Winners? in the prior episode or read it here (https://www.oaktreecapital.com/insights/memo/fewer-losers-or-more-winners).

In his latest memo, Howard Marks discusses the essential choice in both investing and sports: should you go for more winners or try to eliminate losers? That is, should you emphasize aggressiveness or defensiveness? This is a key decision that every investor has to make thoughtfully, and the answer can be different for each person.  

The memo is read by LJ Ganser.

You can read the memo here (https://www.oaktreecapital.com/insights/memo/fewer-losers-or-more-winners).