Behind the Memo - Selling Out

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. 

Behind the Memo - Sea Change

In the latest episode of Behind the Memo, Howard discusses his most recent memo, Sea Change.

The Memo: Risk Revisited Again

In his memo, "Risk Revisited Again," Howard Marks further explores the concept of risk.

Howard Marks

Behind The Memo - Bull Market Rhymes

In the latest episode of Behind the Memo, Howard discusses his recent memo, Bull Market Rhymes.

The Memo: There They Go Again... Again

In his memo, "There They Go Again...

Behind the Memo - On Bubble Watch

In the latest episode of Behind the Memo, Howard discusses his recent memo, On Bubble Watch, which revisits a subject he first wrote about 25 years ago.

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.

Behind the Memo - On Bubble Watch - Transcript

 1 Transcript Insights Behind the Memo - On Bubble Watch Harry Whitelaw Hello, and welcome to Behind the Memo with Howard Marks., I’m Harry Whitelaw, and I’m delighted to welcome How- ard to explore a recent memo that has received great reader interest, perhaps because it addresses something that is both enduring and topical, On Bubble Wa t c h ., And again a quote by Kindleberg- er in the memo that I think probably made a lot of us chuckle is, “There’s nothing so disturbing to well-being as to see a friend get rich.”, H a r ry So, the memo mainly addresses equity market bubbles., I’m regretting that we can’t display your probability curves on the podcast format, but I’ll direct our listeners to Howard’s asset allocation memo to see them.

Behind the Memo - The Illusion of Knowledge

In the latest episode of Behind the Memo, Howard discusses key themes from his recent memo, The Illusion of Knowledge.