The Library
9 letters
Howard Marks Oaktree Capital 2025 Memo
More on Repealing the Laws of Economics
A critique of the belief that market cycles can be permanently smoothed by policy intervention. Marks asserts that economic gravity eventually asserts itself regardless of central bank actions.
Howard Marks Oaktree Capital 2019 Memo
Political Reality Meets Economic Reality
Analyzing the rise of Modern Monetary Theory and populist policies, Marks warns that political desires for infinite spending eventually collide with the harsh realities of debt, inflation, and economic constraints.
Howard Marks Oaktree Capital 2019 Memo
Growing the Pie
Marks discusses the social and political challenges facing capitalism, arguing that for the system to remain viable, it must address inequality and ensure that economic growth benefits a broader segment of society.
Howard Marks Oaktree Capital 2016 Memo
Implications of the Election
Following the 2016 U.S. election, Marks analyzes the potential economic impacts of the new administration's policies while warning against making drastic portfolio changes based on political forecasts.
Howard Marks Oaktree Capital 2011 Memo
It's All Very Taxing
Marks examines the complexities of the US tax system and the fiscal deficit, arguing that sustainable economic growth requires a balanced approach to taxation and spending rather than political posturing.
Howard Marks Oaktree Capital 2011 Memo
On Regulation
Marks evaluates the role of financial regulation, arguing that while rules are necessary to prevent excesses, over-regulation can stifle innovation and create unintended consequences in market liquidity.
Howard Marks Oaktree Capital 2009 Memo
Will It Work?
Marks evaluates the government's intervention efforts during the Great Recession, questioning whether massive stimulus and bailouts can truly fix structural economic issues or merely delay the inevitable market clearing.
Howard Marks Oaktree Capital 2008 Memo
Whodunit
Analyzes the collective failure of market participants to manage risk, identifying how lenders, rating agencies, and investors contributed to the subprime mortgage collapse.
Howard Marks Oaktree Capital 2002 Memo
Learning From Enron
Marks uses the collapse of Enron to illustrate the dangers of financial complexity, the importance of skepticism, and the necessity of rigorous fundamental analysis.