The Memo by Howard Marks

Behind the Memo: The Indispensability of Risk with Howard Marks, Bruce Karsh, and Maurice Ashley

In this episode of Behind the Memo, Howard Marks is joined by two special guests: Oaktree cofounder Bruce Karsh and the chess Grandmaster Maurice Ashley. In a wide-ranging conversation, they discuss Howard’s recent memo "The Indispensability of Risk" as well as the inspiration for that memo: Maurice’s Wall Street Journal article, "Chess Teaches the Power of Sacrifice." They consider the many parallels between chess and investing, including the lesson that not taking enough risk may be one of the riskiest strategies of all.You can read the memo <a href="https://www.oaktreecapital.com/docs/default-source/memos/the-indispensability-of-risk.pdf?sfvrsn=52b45666_3" rel="noopener noreferrer" target="_blank">here</a> (https://www.oaktreecapital.com/docs/default-source/memos/the-indispensability-of-risk.pdf?sfvrsn=52b45666_3).

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.