The Memo by Howard Marks

I Beg To Differ

Howard Marks’s latest memo argues that investors seeking superior performance must have the courage to depart from the pack, even though doing so means accepting the risk of being wrong. Thinking differently and better than others is key to outperformance, he explains, because in investing, it’s not enough to be right. You have to be more right than most. This means being able to tell when the investment crowd is focused on all the wrong things.The memo is read by LJ Ganser. You can read the memo <a href="https://cnt.oaktreecapital.com/docs/default-source/memos/i-beg-to-differ.pdf?sfvrsn=7d814866_9" rel="noopener noreferrer" target="_blank">here</a> (https://cnt.oaktreecapital.com/docs/default-source/memos/i-beg-to-differ.pdf?sfvrsn=7d814866_9)

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.