Risk and price
Considers the relationship between investment prices, uncertainty and potential loss when attractive narratives make caution feel unnecessary.
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Perimeter Reading / Investing
Memos from Howard Marks
Howard Marks
Oaktree’s public investment memos examine risk, market cycles and investor psychology, using Howard Marks’s experience to frame difficult decisions under uncertainty for investors.
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The publication
What to expect.
Memos from Howard Marks are extended reflections on investing, published by Oaktree and available through free email alerts. Marks often starts with a current debate or observation and develops a broader argument about risk, cycles, pricing or investor psychology. The series rewards deliberate reading because its central questions concern judgment rather than a mechanical formula. The public archive makes it possible to compare arguments across different market environments. Emails announce new memos when published, with no fixed release schedule promised.
Who it’s for
Investors and finance professionals who want thoughtful frameworks for risk and market cycles, and who are comfortable reading a sustained argument before drawing conclusions.
Inside the reading
Its areas of focus.
Cycles and sentiment
Examines how changing credit conditions and investor attitudes influence opportunity, competition and the availability of attractive investments.
Investment judgment
Develops ways to think about uncertainty, contrarian decisions and the limits of forecasting when making investment choices.
The Desk’s reading note
Make the read useful.
Pair a recent memo with an older one on the same theme to see which principles persist across market conditions.
Keep a question, an idea to investigate, or a source to return to in your saved notes.
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