Những podcast Howard Marks hay nhất (2024)

1
The Indispensability of Risk 12:20

14d ago12:20

12:20

In his latest memo, Howard Marks considers what chess can teach investors about the paradox of risk-taking. Drawing on insights from a recent Wall Street Journal article (https://www.wsj.com/sports/chess-teaches-the-power-of-sacrifice-221db7b7) by chess grandmaster Maurice Ashley, Howard explains why not taking enough risk may be one of the riskies…

1
The Archive: You Bet! 47:59

1M ago47:59

47:59

In his 2020 memo You Bet!, Howard Marks explained what it means to “think in bets,” as he discussed the many parallels between investing and games of chance. Now you can listen to You Bet!, the first release from The Memo by Howard Marks: The Archive. We’ve received many requests for an audio library of the memos that Howard Marks has published ove…

1
Behind the Memo: Easy Money with Howard Marks and Edward Chancellor 36:54

3M ago36:54

36:54

In this special episode of Behind the Memo, Howard Marks is joined by journalist and financial historian Edward Chancellor to discuss ideas from Howard’s recent memo, Easy Money, which was inspired by Edward’s book, The Price of Time: The Real Story of Interest. They explore the history of interest rates, the profound impact they’ve had on financia…

1
Easy Money 56:51

4M ago56:51

56:51

In his latest memo, Howard Marks considers what financial history can teach us about periods of easy money, the impact they have on investor behavior, and what happens when they end. He analyzes macroeconomic trends using insights from Edward Chancellor’s latest book The Price of Time: The Real Story of Interest to argue that we’re unlikely to soon…

1
The Insight: Conversations – Walking into the Unknown with Howard Marks, David Rosenberg, and Aman Kumar 35:13

4M ago35:13

35:13

What is a “normal” investment environment? What might a recession in 2024 mean for liquid credit? What’s happening in life sciences lending today? Find out by listening to the latest episode of The Insight: Conversations with Howard Marks (Co-Chairman), David Rosenberg (Co-Portfolio Manager, Global Credit), and Aman Kumar (Co-Portfolio Manager, Lif…

1
The Insight: Conversations – Special Episode with Annie Duke and Howard Marks 51:35

5M ago51:35

51:35

Special guest Annie Duke (former professional poker player, best-selling author) joins Howard Marks to discuss ideas from her book Thinking in Bets and Howard’s memo You Bet! They explore luck, decision quality, uncertainty, and more in this special episode of The Insight: Conversations.

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The Insight: Conversations – Full Return World with Howard Marks and Armen Panossian 31:02

6M ago31:02

31:02

Howard Marks (Co-Chairman) and Armen Panossian (Head of Performing Credit) discuss topics related to Howard’s latest memo, Further Thoughts on Sea Change, and Oaktree’s recently published Performing Credit Quarterly 3Q2023 in this crossover episode of The Insight: Conversations and Behind the Memo. They consider the implications of the potential se…

1
Further Thoughts on "Sea Change" 33:52

7M ago33:52

33:52

In his latest memo, Howard Marks provides a follow-up to Sea Change (https://www.oaktreecapital.com/insights/memo/sea-change), his thought-provoking memo published in December 2022. He argues that the trends he highlighted in the original memo collectively represent a sweeping alteration of the investment environment that calls for significant capi…

1
The Insight: Conversations – Credit Picker’s Market with Wayne Dahl, Robert O’Leary, and Mark Jacobs 29:25

7M ago29:25

29:25

How have credit investors been successfully navigating the volatile interest rate environment? Which sectors currently look attractive to opportunistic credit investors? What are some of the major misconceptions about today’s commercial real estate market? In this episode of The Insight: Conversations, Wayne Dahl (Assistant Portfolio Manager, Globa…

1
Behind the Memo: Fewer Losers, or More Winners? 30:41

7M ago30:41

30:41

In the latest episode of Behind the Memo, Howard discusses his recent memo: Fewer Losers, or More Winners? He details the inspiration for the memo and explains why investors – like tennis players – need to consider their skill level, aspirations, and risk tolerance when asking themselves a fundamental question: Should I go for more winners, or try …

1
Fewer Losers, or More Winners? 35:44

8M ago35:44

35:44

In his latest memo, Howard Marks discusses the essential choice in both investing and sports: should you go for more winners or try to eliminate losers? That is, should you emphasize aggressiveness or defensiveness? This is a key decision that every investor has to make thoughtfully, and the answer can be different for each person. The memo is read…

1
The Insight: Conversations – European Credit at a Turning Point 42:25

8M ago42:25

42:25

Learn about the current state of European credit and the dramatic changes seen over the last year in this thought-provoking discussion with Armen Panossian (Head of Performing Credit), Madelaine Jones (Portfolio Manager, European Senior Loans and European High Yield Bonds), and Nael Khatoun (Head of European Private Debt). They consider the challen…

1
The Insight: Conversations – Fighting the Fed with Armen Panossian, Danielle Poli, and Megan Messina 34:18

9M ago34:18

34:18

Armen Panossian (Head of Performing Credit), Danielle Poli (Assistant Portfolio Manager, Global Credit), and Megan Messina (Head of CLO Capital Markets) discuss topics from the 2Q2023 Performing Credit Quarterly. They consider the current tug-of war between fiscal and monetary policy, opportunities in credit, and what many investors are getting wro…

1
Taking The Temperature 49:19

10M ago49:19

49:19

In his latest memo, Howard Marks discusses five market calls he’s made during his career. He argues that investors seeking to take the temperature of the market should focus on understanding prevailing market psychology and the nature of cycles. Just as importantly, they should learn to control their own emotions and have the humility to know when …

1
The Insight: Conversations – This Time Might Be Different with Howard Marks and David Rosenberg 33:37

10M ago33:37

33:37

David Rosenberg, co-portfolio manager of Oaktree’s U.S. and Global High Yield strategies, and Howard Marks discuss topics from the June 2023 edition of The Roundup. They consider the evolution of the high yield bond market, investor optimism and why this time might actually be different in financial markets.…

1
The Insight: Conversations – Cutting Through the Economic Noise with Wayne Dahl 35:27

11M ago35:27

35:27

Oaktree Investment Risk Officer Wayne Dahl explains why economic statistics can tell conflicting stories and what this means for credit investors trying to make sense of today’s noisy data.

1
The Insight: Conversations – Performing Credit Quarterly 1Q2023 35:37

1y ago35:37

35:37

In the first episode of Oaktree’s new podcast, Armen Panossian (Head of Performing Credit) and Howard Marks (Co-Chairman) discuss key takeaways from the 1Q2023 Performing Credit Quarterly, including the potential ramifications of the recent banking turmoil, opportunities in private credit and a possible rise in distress. As part of the discussion, …

1
Lessons from Silicon Valley Bank 44:45

1y ago44:45

44:45

In his latest memo, Howard Marks discusses the significance of the Silicon Valley Bank collapse. He argues that it likely doesn’t portend a wave of banking failures but may amplify preexisting wariness among investors and lenders, leading to further credit tightening and additional pain across a range of industries and sectors. The memo is read by …

1
The Rewind: Calling The Market 39:56

1y ago39:56

39:56

Howard looks back on several memos he’s written near major turning points in the market over the last few decades, from the bursting of the dot-com bubble to the pandemic-driven crisis in early 2020. He considers what an investor should – and shouldn’t – focus on when making a market call.

1
The Rewind: Ditto 1:11:52

1y ago1:11:52

1:11:52

Howard is joined by Bruce Flatt, CEO of Brookfield, for a discussion of Ditto, which was originally published on January 7, 2013. They examine the distinction between price and value and consider how investors might gain a competitive advantage today. This episode was recorded in November 2022. The memo is read by LJ Ganser.…

1
Behind the Memo: Sea Change 20:06

1+ y ago20:06

20:06

In the latest episode of Behind the Memo, Howard discusses his most recent memo, Sea Change. He explains why the shift we may currently be experiencing could force investors to rethink the meaning of "normal." You can listen to Sea Change in the prior episode or read it here (https://www.oaktreecapital.com/insights/memo/sea-change).…

1
Sea Change 36:40

1+ y ago36:40

36:40

In his latest memo, Howard Marks writes that the investment world may be experiencing the third major sea change over the last 50 years. Events in recent years – especially the spike in inflation and the Federal Reserve’s response – appear to have caused a reversal of the market conditions that prevailed during the post-GFC (Global Financial Crisis…

1
Behind the Memo: What Really Matters? 23:10

1+ y ago23:10

23:10

In the latest episode of Behind the Memo, Howard discusses his most recent memo, What Really Matters?, and looks back on a year of memo-writing. He considers the themes that have dominated his thinking in 2022 and highlights his key messages for investors, including one they may not want to hear. You can listen to What Really Matters? in the prior …

1
What Really Matters? 53:28

1+ y ago53:28

53:28

In his latest memo, Howard Marks weaves together some of the themes he’s explored in 2022 to explain what he believes really matters in investing and what doesn’t. He discusses the disadvantages of short-term thinking, the difference between volatility and risk, and the one word he believes defines the essence of investment excellence. The memo is …

1
The Rewind: Global Financial Crisis 35:14

1+ y ago35:14

35:14

Howard reflects on memos related to the Global Financial Crisis with Bob O’Leary, Co-Portfolio Manager of Oaktree’s Global Opportunities strategy. They share their most striking memories from the years leading up to and during the crisis. They also discuss today’s market environment and consider whether investors have forgotten many of the lessons …

1
Behind the Memo: The Illusion of Knowledge 23:26

1+ y ago23:26

23:26

In the latest episode of Behind the Memo, Howard discusses key themes from his recent memo, The Illusion of Knowledge. He explains why creating helpful macro forecasts is so challenging and why “thinking about macro” and forecasting aren’t the same thing. You can listen to The Illusion of Knowledge in the prior episode or read it here (https://www.…

1
The Illusion of Knowledge 53:25

1+ y ago53:25

53:25

Howard Marks has long questioned the value of macro forecasts, but in his latest memo, he explains why creating profitable forecasts is so difficult. He discusses the incredible complexity involved in modeling an economy and makes it clear that forecasting mostly provides the illusion of knowledge. He argues that investors are better off accepting …

1
Behind the Memo: I Beg To Differ 24:05

1+ y ago24:05

24:05

In the latest episode of Behind the Memo, Howard discusses his recent memo, I Beg to Differ. He explains why investors seeking to outperform need to think differently, be exceptional, and be prepared to look wrong – even when they’re right. You can listen to I Beg To Differ in the prior episode or read it here (https://www.oaktreecapital.com/insigh…

1
I Beg To Differ 47:38

2y ago47:38

47:38

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 tha…

1
The Rewind: Something of Value 1:25:20

2y ago1:25:20

1:25:20

Howard reflects on this memo, originally published on January 11, 2021, with his son Andrew Marks. They discuss why open-mindedness – at all ages – is key when investing in a rapidly changing world. Andrew is the co-managing partner of TQ Ventures, a technology-focused venture capital firm founded four years ago that has over 80 portfolio companies…

1
Behind the Memo: Bull Market Rhymes 16:31

2y ago16:31

16:31

In the latest episode of Behind the Memo, Howard discusses his recent memo, Bull Market Rhymes. Howard explains why investing keeps getting harder and why looking to the past can potentially help investors better analyze the innovations that may – or may not – shape the future. You can listen to Bull Market Rhymes in the prior episode or read it he…

1
Bull Market Rhymes 44:24

2y ago44:24

44:24

Howard Marks’s latest memo explores recurring investment themes to contextualize the current market correction and the bull market that preceded it. He discusses the role played by financial innovations like SPACs and cryptocurrencies and why he believes psychology, not fundamentals, primarily drives investment cycles – and likely always will. The …

1
The Rewind: Lines in the Sand 44:33

2y ago44:33

44:33

Howard reflects on this memo (https://www.oaktreecapital.com/docs/default-source/memos/lines-in-the-sand.pdf) originally published on April 18, 2017. Following up on his classic memo You Can’t Eat IRR (https://www.oaktreecapital.com/docs/default-source/memos/2006-07-12-you-cant-eat-irr.pdf), he discusses why financial innovations that can artificia…

1
Behind the Memo: The Pendulum in International Affairs 21:17

2y ago21:17

21:17

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…

1
The Pendulum in International Affairs 29:29

2y ago29:29

29:29

Howard Marks’s latest memo connects two seemingly unrelated trends – Europe’s energy dependence and U.S. offshoring – to explain why the pendulum of companies’ and countries’ behavior may be swinging away from globalization and toward onshoring. This shift will likely create risk for investors but also opportunities. The memo is read by LJ Ganser. …

1
The Rewind: It’s All a Big Mistake 53:32

2y ago53:32

53:32

Howard reflects on this memo originally published on June 20, 2012. He discusses why understanding mistakes – both your own and others’ – is key to superior investing. He’s joined by Bob O’Leary, Global Co-Portfolio Manager of Oaktree’s Global Opportunities strategy. You can read the memo here (https://www.oaktreecapital.com/docs/default-source/mem…

1
Introducing "Behind The Memo": Selling Out 32:25

2+ y ago32:25

32:25

Listen to the first episode of our new series Behind the Memo, in which Howard breaks down his latest memo, discussing its origins, themes and key insights. In Selling Out, published on January 13, 2022, Howard explains why staying invested is usually the most important thing. You can listen to Selling Out in the prior episode or read it here (http…

1
Selling Out 35:56

2+ y ago35:56

35:56

Howard Marks’s latest memo considers one of investing’s most fundamental questions: when to sell. Howard explains that it’s foolish to sell because prices are up and because they’re down – and why, most of the time, staying invested is ultimately “the most important thing.” You can read the memo here (https://www.oaktreecapital.com/insights/memo/se…

1
The Rewind: Uncertainty 1:01:05

2+ y ago1:01:05

1:01:05

Howard reflects on this memo originally published on May 11, 2020.  Writing near the beginning of the Covid-19 crisis, he discusses the power of saying “I don’t know” and the danger of confirmation bias. Drawing on the insights of thinkers from Voltaire to Albert Einstein, Howard explains why he believes having intellectual humility is essential fo…

1
The Winds of Change 1:02:57

2+ y ago1:02:57

1:02:57

The last 20 months have taught us to question everything. What is the future of work? Can American democracy survive? Will Baby Boomers keep consuming more than their fair share? And what comes after “trillion”? Howard Marks’s latest memo examines paradigm shifts that could reshape the economy, markets and the world for many years to come. (Novembe…

1
The Rewind: What Does The Market Know? 52:22

2+ y ago52:22

52:22

Howard reflects on this memo originally published on January 19, 2016. In the second episode of a two-part series, he discusses the problems with taking advice from the market. But he also draws on insights from his latest memo, Thinking About Macro, to consider what it means when the market does get it right.…

1
The Rewind: On The Couch 1:13:55

2+ y ago1:13:55

1:13:55

Howard reflects on this memo originally published on January 14, 2016. In the first of a two-part series, he analyzes investors’ irrationality and discusses why things that are obvious in investing are usually wrong. You can read the memo here (https://www.oaktreecapital.com/docs/default-source/memos/on-the-couch.pdf). The memo is read by LJ Ganser…

1
The Rewind: Us and Them 43:26

2+ y ago43:26

43:26

Howard reflects on this memo originally published on May 7, 2004. In a discussion that namechecks both psychologist Amos Tversky and tennis great Pete Sampras, Howard explains why too much confidence can be a dangerous thing. You can read the memo here (https://www.oaktreecapital.com/docs/default-source/memos/2004-05-07-us-and-them.pdf). The memo i…

1
Thinking About Macro 50:57

3y ago50:57

50:57

Howard Marks doesn’t make bets on economic predictions. That’s especially true now when the biggest wildcard is inflation – a phenomenon no one fully understands. But just because something is unknowable doesn’t mean it’s unimportant. That’s why Howard has devoted his latest memo to a topic he largely disavows: macro forecasting. (July 29, 2021) Yo…

1
The Rewind: It Is What It Is 43:31

3y ago43:31

43:31

Howard reflects on this memo originally published on March 27, 2006. In this wide-ranging discussion, he weaves together the Japanese concept of mujo, probability theory and the Super Bowl to suggest investors should spend less time looking for silver bullets and more time cultivating humility. You can read the memo here (https://www.oaktreecapital…

1
The Rewind: Dare to Be Great II 45:36

3y ago45:36

45:36

Howard reflects on this memo originally published on April 8, 2014. In the second episode of a two-part series, he asks whether investors are willing to do what is necessary in order to be great – including being willing to look wrong. You can read the memo here (https://www.oaktreecapital.com/docs/default-source/memos/2014-04-08-dare-to-be-great-i…

1
The Rewind: Dare to Be Great 54:59

3y ago54:59

54:59

Howard reflects on this memo originally published on September 7, 2006. In the first episode of a two-part series, he offers suggestions to those daring to be superior investors. There are no formulas, but there is a prerequisite: one must think differently. You can read the memo here (https://www.oaktreecapital.com/docs/default-source/memos/2006-0…

1
2020 in Review 31:15

3y ago31:15

31:15

Last year featured a jaw-dropping list of extremes, from a once-in-a-century pandemic to record-breaking market moves. Howard Marks writes in his latest memo about approaching the investment environment left in 2020’s wake – one generating many questions and no easy answers. (March 4, 2021) You can read the memo here (https://www.oaktreecapital.com…

1
The Rewind: You Can’t Predict. You Can Prepare. 52:11

3y ago52:11

52:11

Howard looks back on this memo, originally published on November 20, 2001. The title was inspired by a TV commercial tagline from that time: “It's almost a Yogi Berra type statement that makes no apparent sense on first reading, but then it turns out to be quite wise.” You can read the memo here (https://www.oaktreecapital.com/docs/default-source/m…

1
Something of Value 1:03:06

3+ y ago1:03:06

1:03:06

The dichotomy of “value” and “growth” investing has become a sharp stylistic divide. But is it helpful? In his latest memo, Howard Marks discusses how he views the art and science of value investing, especially in the increasingly efficient and complex world we face today. (January 11, 2021) You can read the memo here (https://www.oaktreecapital.co…

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