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The Memo by Howard Marks
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Howard Marks reads his Oaktree memos on market cycles, risk, and credit.

In the last 30 days, The Memo by Howard Marks produced 9 attributed ideas; most-discussed: NVDA, SPY, MSFT.

0
Ideas · 7d
9
Ideas · 30d
63
Ideas · all time
9
Episodes
Names this show discusses most
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Theses first heard here · 5

AI's disproportionate market dominanceFIRST HEARD 9 DEC
AI's primary societal impact: job destructionFIRST HEARD 9 DEC
The end of the 40-year interest rate tailwindFIRST HEARD 14 OCT
Credit's role enhanced in new rate regimeFIRST HEARD 14 OCT
High yield's appeal in a 7%+ worldFIRST HEARD 14 AUG
Latest attributed ideas · most recent first
22 SEP4W AGOShall We Repeal the Laws of Economics – Part III
US deficits structurally inflationary near capacity
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22 SEP4W AGOShall We Repeal the Laws of Economics – Part III
Treasury's long-dated bond buyback as cosmetic fix
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22 SEP4W AGOShall We Repeal the Laws of Economics – Part III
Economic intervention risks unintended consequences
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22 SEP4W AGOShall We Repeal the Laws of Economics – Part III
Fiscal solution requires behavioral change, not debt payoff
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22 SEP4W AGOShall We Repeal the Laws of Economics – Part III
AI build-out adds trillions to capital demand
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22 SEP4W AGOShall We Repeal the Laws of Economics – Part III
Dollar debasement as the debt 'solution'
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22 SEP4W AGOShall We Repeal the Laws of Economics – Part III
Rising long-term rates driven by inflation, fiscal profligacy
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22 SEP4W AGOShall We Repeal the Laws of Economics – Part III
Portfolio hedge: non-dollar or non-financial assets
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22 SEP4W AGOShall We Repeal the Laws of Economics – Part III
Treasury buybacks shorten debt maturity, lack confidence
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9 APR9 APRWhat's Going on in Private Credit?
Liquidity mismatch in direct lending vehicles
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24 MAR24 MARReflections on Oaktree Conference 2026 with Howard Marks
Excess returns require exploiting others' mistakes
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24 MAR24 MARReflections on Oaktree Conference 2026 with Howard Marks
Avoid sectors loved too much by lenders
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24 MAR24 MARReflections on Oaktree Conference 2026 with Howard Marks
Balanced multi-asset credit solutions over single products
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24 MAR24 MARReflections on Oaktree Conference 2026 with Howard Marks
Leverage plus volatility equals dynamite
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24 MAR24 MARReflections on Oaktree Conference 2026 with Howard Marks
Leadership and culture as value drivers
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24 MAR24 MARReflections on Oaktree Conference 2026 with Howard Marks
Direct lending's excess returns have disappeared
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26 FEB26 FEBAI Hurtles Ahead
The philosophical debate: Can AI think?
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9 DEC9 DEC 2025Is It a Bubble?
AI's primary societal impact: job destruction
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9 DEC9 DEC 2025Is It a Bubble?
AI infrastructure boom fueled by speculative debt
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9 DEC9 DEC 2025Is It a Bubble?
AI investment enthusiasm likely a bubble
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9 DEC9 DEC 2025Is It a Bubble?
AI bubble parallels historical tech manias
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9 DEC9 DEC 2025Is It a Bubble?
Inflection vs mean-reversion bubbles
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9 DEC9 DEC 2025Is It a Bubble?
Winners uncertain despite transformative tech
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9 DEC9 DEC 2025Is It a Bubble?
AI bubble parallels to radio and aviation
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9 DEC9 DEC 2025Is It a Bubble?
Prudent, selective exposure to AI advised
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9 DEC9 DEC 2025Is It a Bubble?
Circular deals raise bubble suspicions
SHOWS SPLIT34 SHOWS · NOT ALL ON THE SAME SIDENVDAOpen in Zortix →
9 DEC9 DEC 2025Is It a Bubble?
Lottery ticket thinking in AI startups
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9 DEC9 DEC 2025Is It a Bubble?
Play AI winners through equity, not debt
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9 DEC9 DEC 2025Is It a Bubble?
Rapid obsolescence threatens AI asset values
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9 DEC9 DEC 2025Is It a Bubble?
AI's disproportionate market dominance
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IDEAS & DEPTH REFLECT PODCAST DISCUSSION · NOT A RATING, FORECAST, OR RECOMMENDATION
The Memo by Howard Marks: the ideas, ticker by ticker · Zortix