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.

Behind the Memo - Easy Money - Transcript

 1 Transcript Insights Behind the Memo – Easy Money with Howard Marks and Edward Chancellor Anna Szymanski Hello and welcome to Behind the Memo with Howard Marks., Howard’s latest memo, Easy Money, was inspired by The Price of Time., As I mentioned, your most recent memo is inspired by Edward’s latest book, but this is actually your second memo to be inspired by a book of Edward’s., So to begin, can you speak about that previous memo and its relationship to this one?, So anyway, I wrote a memo called bubble.com about what I was seeing in the tech bubble.

Memos

Behind the Memo - The Indispensability of Risk - Transcript

 1 Transcript Insights Behind the Memo – The Indispensability of Risk with Howard Marks, Bruce Karsh, and Maurice Ashley Anna Szymanski Hello, and welcome to Behind the Memo by Howard Marks., As I mentioned, Howard’s recent memo was based on an article that you wrote, which was adapted from a section of your new book., And as you know, Anna, it inspired me to write a memo uncharacteristically three pages, versus the norm of 10 or 12., And that was the occasion for the memo., In the summer of ‘23, I wrote a memo called Fewer Losers, or More Winners?

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 Maurice Ashley, the chess Grandmaster and author of Move by Move: Life Lessons on and off the Chessboard., 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 .

Insights

Behind the Memo - Easy Money with Howard Marks and Edward Chancellor

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 latest book, The Price of Time: The Real Story of Interest.

Behind the Memo – The Impact of Debt with Howard Marks and Morgan Housel

In this special episode of Behind the Memo, Howard Marks is joined by Morgan Housel, the bestselling author and partner at the Collaborative Fund., They discuss ideas from Howard’s recent memo The Impact of Debt, which was inspired by Morgan’s article How I Think About Debt.

AI Hurtles Ahead

In his latest memo, Howard Marks revisits the subject of AI, providing his observations on its essence and how it differs from previous technological innovations., When I was preparing to write my December memo about artificial intelligence, Is It a Bubble?, I recently returned to those people to follow up on the December memo., This resulting memo is intended as an addendum to December’s., I could have saved myself a lot of time by asking Claude to write this memo, but I decided not to, because I consider putting words on paper a big part of the fun., As I wrote in my December memo, there’s certainly great enthusiasm for AI businesses.

Selling Out

Howard Marks' memo explores the crucial investing question: when to sell?, As I’m now in my fourth decade of memo writing, I’m sometimes tempted to conclude I should quit, because I’ve covered all the relevant topics., Then a new idea for a memo pops up, delivering a pleasant surprise., It occurred to me that even though selling is an inescapable part of the investment process, I’ve never devoted an entire memo to it., Origins Much of what I’ll write here got its start in a 2015 memo called Liquidity., That memo evoked the strongest reaction from readers of any of my memos to date.