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The Memo by Howard MarksAuthor: Oaktree Capital Management
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. Language: en Genres: Business, Investing, Management Contact email: Get it Feed URL: Get it iTunes ID: Get it |
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The Calculus of Value
Episode 71
Wednesday, 13 August, 2025
In his latest memo, Howard Marks sets forth the essence of value and price, as well as the critical relationship between the two. He posits that value exerts a ‘‘magnetic’’ influence on price, meaning the relationship of price to value should be expected to strongly influence investment performance in the long run, with high valuations presaging low subsequent returns, and vice versa. In the context of today’s elevated U.S. equity valuations and widespread investor optimism, he advises us to consider going to an ‘‘Investment Readiness Condition’’ in which investors shift their portfolios somewhat in the direction of increased defense.You can read the memo here (https://www.oaktreecapital.com/insights/memo/the-calculus-of-value).
