United States

Howard Marks

Oaktree memos · cycles and risk-first investing

Co-Chair of Oaktree Capital Management. His memos — published irregularly since 1990 — have shaped how a generation of investors thinks about market cycles, risk asymmetry, and the gap between price and value.

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Every entry below is an auto-generated factual summary of a public filing or disclosure. Not investment advice. Verify before acting.

Memo
Apr 9, 2026
What’s Going on in Private Credit?
Marks sees a sentiment-driven, not fundamentals-driven, dislocation in direct lending, and expects his restraint during the boom to produce better entry points now that skepticism has returned.
Original on oaktreecapital.com ↗
Memo
Feb 26, 2026
AI Hurtles Ahead
Marks argues AI has reached Level 3 autonomous agency, making it a labor substitute rather than a productivity tool, with societal job displacement his chief concern.
Original on oaktreecapital.com ↗
Memo
Dec 9, 2025
Is It a Bubble?