The Memo by Howard Marks

Behind the Memo: The Pendulum in International Affairs

In the latest episode of Behind the Memo, Howard discusses the origins and important themes of his recent memo, The Pendulum in International Affairs. Howard explains why one of his favorite metaphors – the pendulum – can help investors understand psychology, markets and foreign policy.You can listen to The Pendulum in International Affairs in the prior episode or read it <a href="https://www.oaktreecapital.com/docs/default-source/memos/the-pendulum-in-intl-affairs.pdf?sfvrsn=53b17666_7" rel="noopener noreferrer" target="_blank">here</a> (<a href="https://www.oaktreecapital.com/docs/default-source/memos/the-pendulum-in-intl-affairs.pdf?sfvrsn=53b17666_7" rel="noopener noreferrer" target="_blank">https://www.oaktreecapital.com/docs/default-source/memos/the-pendulum-in-intl-affairs.pdf?sfvrsn=53b17666_7</a>).

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.