Behind the Memo - The Impact of Debt - Transcript

 1 Transcript Insights Behind the Memo – The Impact of Debt with Howard Marks and Morgan Housel Anna Szymanski Hello and welcome to Behind the Memo by Howard Marks., Howard’s recent memo, The Impact of Debt, is based on a Collaborative Fund blog post that Morgan wrote, entitled How I Think About Debt., As I mentioned, Howard’s recent memo is based on a blog post that you wrote for the Collaborative Fund., Anna So Howard, what were some of the ideas from this piece by Morgan that really jumped out at you and made you want to devote a memo to this?, I show in the memo through a series of little cartoons, that a highly leveraged capital structure cannot coexist with highly volatile assets.

Memos

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.

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

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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 - 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.

On Bubble Watch

His new memo revisits market bubbles, emphasizing their psychological nature and current signs., Exactly 25 years ago today, I published the first memo that brought a response from readers (after having written for almost ten years without receiving any)., The memo had two things going for it: it was right, and it was right fast., Some of what I write here will be familiar to anyone who read my December memo about the macro picture., But that memo only went to Oaktree clients, so I’m going to recycle here the part of its content that relates to the subject of bubbles., As many of my memo readers know, I joined the equity research department at First National City Bank (now Citi) in September 1969.

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.