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The Best of Howard Marks Memos

oaktreecapital.com · 3,701 words · saved by 1 readers

To celebrate 35 years of my memos, I’m thrilled to release this collection of the ones I think are the best. These memos fall primarily into two categories. Some set out what I consider the enduring truths of investing – from the need for second-level thinking to the importance of risk control, the inevitability of cycles, and the futility of macro forecasting. Others chronicle the most impactful financial events of the last three decades: the dot-com bubble, the Global Financial Crisis, and the sea change in interest rate policy that took place in 2022. Writing the memos is an absolute joy for me. They serve as the vehicle through which I share my thinking with the investment community, allow me to connect with Oaktree’s clients and employees, and serve as my creative outlet. I plan to keep at it. Howard Marks October 12, 2025 The Route to Performance October 12, 1990 The Route to Performance is the first memo I wrote. It articulates what would later become a core part of Oaktree’s in

The Best of . . . Opens in a new window Opens an external site Opens an external site in a new window PDF Translations Memos from Howard Marks 2025-10-12T07:00:00.0000000Z" pubdate title="Time posted: >10/12/2025 7:00:00 AM (UTC)">Oct 12, 2025 PDF (English) Archived Memos Subscribe The Best of . . . To celebrate 35 years of my memos, I'm thrilled to release this collection of the ones I think are the best. These memos fall primarily into two categories. Some set out what I consider the enduring truths of investing - from the need for second-level thinking to the importance of risk control, the

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