The Investor's Shelf — one person
Howard Marks
Co-founder and Co-Chairman, Oaktree Capital Management
His client memos, written continuously since 1990, are a primary source on risk, cycles and market psychology that other investors quote directly.
3 books of their own · 167 letters · 3 articles · 27 books they recommend
Books they wrote 3
· 2012 · Annotated edition of the 2011 book with four commentators.
Letters 167
www.oaktreecapital.com/insights/memos
Every memo Howard Marks has published, October 1990 to April 2026, is covered by Oaktree's own 'Archived Memos' index at oaktreecapital.com/insights/memos. Memos from October 2020 on have their own HTML pages at /insights/memo/<slug>; memos before that are listed on the index without links, but each one's PDF is still live at oaktreecapital.com/docs/default-source/memos/<slug>.pdf. Two compilations, The Complete Collection and The Best of . . ., are included.
- What’s Going on in Private Credit?2026 · Memo dated 2026-04-09
- AI Hurtles Ahead2026 · Memo dated 2026-02-26
- Is It a Bubble?2025 · Memo dated 2025-12-09
- Cockroaches in the Coal Mine2025 · Memo dated 2025-11-06
- A Look Under the Hood2025 · Memo dated 2025-10-28
- The Complete Collection2025 · Memo dated 2025-10-12
- The Best of . . .2025 · Memo dated 2025-10-12
- The Best of . . .2025 · Memo dated 2025-08-14
- The Calculus of Value2025 · Memo dated 2025-08-14
- More on Repealing the Laws of Economics2025 · Memo dated 2025-06-18
- Nobody Knows (Yet Again)2025 · Memo dated 2025-04-09
- Gimme Credit2025 · Memo dated 2025-03-06
- On Bubble Watch2025 · Memo dated 2025-01-07
- Ruminating on Asset Allocation2024 · Memo dated 2024-10-22
- Shall We Repeal the Laws of Economics?2024 · Memo dated 2024-09-19
- Mr. Market Miscalculates2024 · Memo dated 2024-08-22
- The Folly of Certainty2024 · Memo dated 2024-07-17
- The Impact of Debt2024 · Memo dated 2024-05-08
- The Indispensability of Risk2024 · Memo dated 2024-04-17
- Easy Money2024 · Memo dated 2024-01-09
- Further Thoughts on Sea Change2023 · Memo dated 2023-10-11
- Fewer Losers, or More Winners?2023 · Memo dated 2023-09-12
- Taking the Temperature2023 · Memo dated 2023-07-10
- Lessons from Silicon Valley Bank2023 · Memo dated 2023-04-17
- Sea Change2022 · Memo dated 2022-12-13
- What Really Matters?2022 · Memo dated 2022-11-22
- The Illusion of Knowledge2022 · Memo dated 2022-09-08
- I Beg to Differ2022 · Memo dated 2022-07-26
- Conversation at Panmure House2022 · Memo dated 2022-06-23
- Bull Market Rhymes2022 · Memo dated 2022-05-26
- The Pendulum in International Affairs2022 · Memo dated 2022-03-23
- Selling Out2022 · Memo dated 2022-01-13
- The Winds of Change2021 · Memo dated 2021-11-23
- Thinking About Macro2021 · Memo dated 2021-07-29
- 2020 in Review2021 · Memo dated 2021-03-04
- Something of Value2021 · Memo dated 2021-01-11
- Coming into Focus2020 · Memo dated 2020-10-13
- Time for Thinking2020 · Memo dated 2020-08-05
- The Anatomy of a Rally2020 · Memo dated 2020-06-18
- Not Enough2020 · Memo dated 2020-06-11
- Uncertainty II2020 · Memo dated 2020-05-28
- Uncertainty2020 · Memo dated 2020-05-11
- Knowledge of the Future2020 · Memo dated 2020-04-14
- Calibrating2020 · Memo dated 2020-04-06
- Which Way Now?2020 · Memo dated 2020-03-31
- Latest Update2020 · Memo dated 2020-03-19
- Nobody Knows II2020 · Memo dated 2020-03-03
- You Bet!2020 · Memo dated 2020-01-13
- Mysterious2019 · Memo dated 2019-10-17
- On the Other Hand2019 · Memo dated 2019-07-26
- This Time It's Different2019 · Memo dated 2019-06-12
- Growing the Pie2019 · Memo dated 2019-04-01
- Political Reality Meets Economic Reality2019 · Memo dated 2019-01-30
- The Seven Worst Words in the World2018 · Memo dated 2018-09-26
- Investing Without People2018 · Memo dated 2018-06-18
- Latest Thinking2018 · Memo dated 2018-01-23
- Yet Again?2017 · Memo dated 2017-09-07
- There They Go Again... Again2017 · Memo dated 2017-07-26
- Lines in the Sand2017 · Memo dated 2017-04-18
- Expert Opinion2017 · Memo dated 2017-01-10
- Go Figure!2016 · Memo dated 2016-11-14
- Implications of the Election2016 · Memo dated 2016-11-07
- Political Reality2016 · Memo dated 2016-08-17
- Economic Reality2016 · Memo dated 2016-05-26
- What Does the Market Know?2016 · Memo dated 2016-01-19
- On the Couch2016 · Memo dated 2016-01-14
- Inspiration from the World of Sports2015 · Memo dated 2015-10-22
- It’s not Easy2015 · Memo dated 2015-09-09
- Risk Revisited Again2015 · Memo dated 2015-06-08
- Liquidity2015 · Memo dated 2015-03-25
- The Lessons of Oil2014 · Memo dated 2014-12-18
- Risk Revisited2014 · Memo dated 2014-09-03
- Dare to Be Great II2014 · Memo dated 2014-04-08
- Getting Lucky2014 · Memo dated 2014-01-16
- The Race Is On2013 · Memo dated 2013-11-26
- The Role of Confidence2013 · Memo dated 2013-08-05
- The Outlook For Equities2013 · Memo dated 2013-03-13
- High Yield Bonds Today2013 · Memo dated 2013-02-21
- Ditto2013 · Memo dated 2013-01-07
- A Fresh Start (Hopefully)2012 · Memo dated 2012-11-19
- On Uncertain Ground2012 · Memo dated 2012-09-11
- It's All A Big Mistake2012 · Memo dated 2012-06-20
- Déjà Vu All Over Again2012 · Memo dated 2012-03-19
- Assessing Performance Records A Case Study2012 · Memo dated 2012-02-15
- What Can We Do For You?2012 · Memo dated 2012-01-10
- It's All Very Taxing2011 · Memo dated 2011-11-16
- What's Behind the Downturn?2011 · Memo dated 2011-09-07
- Down to the Wire2011 · Memo dated 2011-07-21
- How Quickly They Forget2011 · Memo dated 2011-05-25
- On Regulation2011 · Memo dated 2011-03-02
- All That Glitters2010 · Memo dated 2010-12-17
- Open and Shut2010 · Memo dated 2010-12-01
- Hemlines2010 · Memo dated 2010-09-10
- It’s Greek to Me2010 · Memo dated 2010-07-19
- Warning Flags2010 · Memo dated 2010-05-12
- I’d Rather Be Wrong2010 · Memo dated 2010-03-17
- Tell Me I’m Wrong2010 · Memo dated 2010-01-22
- Touchstones2009 · Memo dated 2009-11-10
- So Much That’s False and Nutty2009 · Memo dated 2009-07-08
- Will It Work?2009 · Memo dated 2009-03-05
- The Long View2009 · Memo dated 2009-01-09
- Volatility + Leverage = Dynamite2008 · Memo dated 2008-12-17
- The Limits to Negativism2008 · Memo dated 2008-10-15
- Plan B2008 · Memo dated 2008-09-24
- Nobody Knows2008 · Memo dated 2008-09-19
- What Worries Me2008 · Memo dated 2008-08-28
- Doesn’t Make Sense2008 · Memo dated 2008-07-31
- The Aviary2008 · Memo dated 2008-05-16
- The Tide Goes Out2008 · Memo dated 2008-03-18
- Whodunit2008 · Memo dated 2008-02-20
- Now What?2008 · Memo dated 2008-01-10
- No Different This Time – The Lessons of ‘072007 · Memo dated 2007-12-17
- Now It’s All Bad?2007 · Memo dated 2007-09-10
- It’s All Good . . . Really?2007 · Memo dated 2007-07-30
- It’s All Good2007 · Memo dated 2007-07-16
- Everyone Knows2007 · Memo dated 2007-04-26
- The Race to the Bottom2007 · Memo dated 2007-02-14
- Pigweed2006 · Memo dated 2006-12-07
- The New Paradigm2006 · Memo dated 2006-10-19
- Dare to Be Great2006 · Memo dated 2006-09-07
- You Can’t Eat IRR2006 · Memo dated 2006-07-12
- Returns, Absolute Returns and Risk2006 · Memo dated 2006-06-13
- It Is What It Is2006 · Memo dated 2006-03-27
- Risk2006 · Memo dated 2006-01-19
- Hindsight First, Please (or, What Were They Thinking?)2005 · Memo dated 2005-10-17
- A Case in Point2005 · Memo dated 2005-06-06
- There They Go Again2005 · Memo dated 2005-05-06
- Oaktree at Ten2005 · Memo dated 2005-04-11
- Risk and Return Today2004 · Memo dated 2004-10-27
- Hedge Funds: A Case for Caution2004 · Memo dated 2004-10-06
- The Happy Medium2004 · Memo dated 2004-07-20
- Us and Them2004 · Memo dated 2004-05-07
- Hey, Steward!!2004 · Memo dated 2004-03-16
- The Feeling's Mutual2003 · Memo dated 2003-10-02
- What’s Your Game Plan?2003 · Memo dated 2003-09-05
- The Most Important Thing2003 · Memo dated 2003-07-01
- What's Going On?2003 · Memo dated 2003-05-06
- Whad’Ya Know?2003 · Memo dated 2003-03-11
- Returns and How They Get That Way2002 · Memo dated 2002-11-11
- Etorre's Wisdom2002 · Memo dated 2002-09-04
- Quo Vadis?2002 · Memo dated 2002-07-26
- The Realist's Creed2002 · Memo dated 2002-05-31
- Learning From Enron2002 · Memo dated 2002-03-14
- You Can't Predict. You Can Prepare.2001 · Memo dated 2001-11-20
- What Lies Ahead?2001 · Memo dated 2001-10-04
- Notes from New York2001 · Memo dated 2001-09-16
- What's It All About, Alpha?2001 · Memo dated 2001-07-11
- Safety First . . . But Where?2001 · Memo dated 2001-04-10
- We're Not In 1999 Anymore, Toto2000 · Memo dated 2000-12-31
- Investment Miscellany2000 · Memo dated 2000-11-16
- Irrational Exuberance2000 · Memo dated 2000-05-01
- bubble.com2000 · Memo dated 2000-01-02
- How's the Market?1999 · Memo dated 1999-04-15
- Genius Isn't Enough (and Other Lessons from Long-Term Capital Management)1998 · Memo dated 1998-10-09
- Who Knew?1998 · Memo dated 1998-01-08
- Are You An Investor or a Speculator?1997 · Memo dated 1997-09-03
- Will It Be Different This Time?1996 · Memo dated 1996-11-25
- The Value of Predictions II (or "Give That Man a Cigar")1996 · Memo dated 1996-07-22
- How the Game Should Be Played1995 · Memo dated 1995-05-26
- "How Does an Inefficient Market Get That Way?"1994 · Memo dated 1994-07-15
- "Risk in Today's Markets" Revisited1994 · Memo dated 1994-04-11
- Risk in Today's Markets1994 · Memo dated 1994-02-17
- Random Thoughts on the Identification of Investment Opportunities1994 · Memo dated 1994-01-24
- The Value of Predictions, or Where'd All This Rain Come From?1993 · Memo dated 1993-02-15
- Microeconomics 101: Supply, Demand and Convertibles1992 · Memo dated 1992-10-08
- First Quarter Performance1991 · Memo dated 1991-04-11
- The Route to Performance1990 · Memo dated 1990-10-12
Articles and essays 3
- On Bubble WatchOaktree Capital Management, 2025
- I Beg to DifferOaktree Capital Management, 2022
- Sea ChangeOaktree Capital Management, 2022
Blog
Books they recommend 27
Marks repeatedly points to a small set of "foundational" books on markets, cycles, and randomness rather than a sprawling list. He cites them in interviews (e.g., with Investec) and in "The Most Important Thing." He's open that Edward Chancellor's "Devil Take the Hindmost" seeded his famous January 2000 dot-com warning memo, and that "A Short History of Financial Euphoria" shaped his thinking on cycles and the pendulum of psychology.
Superbook reading list 8
Investing 3
Benjamin Graham
“Marks recommends the Graham-Dodd value-investing bible as essential reading for serious investors.”
Robert G. Hagstrom
“Recommended by Marks as a valuable guide to Buffett's investing approach.”
Charles D. Ellis
“Recommended by Marks; its "avoid the losers and the winners take care of themselves" logic mirrors Oaktree's own philosophy.”
Financial History 2
John Kenneth Galbraith
“Marks calls it "extremely important," saying it taught him about cycles, euphoria and the pendulum swing of human psychology; he recommends it to everybody and notes it's thin enough to read easily.”
Edward Chancellor
“Marks credits this history of speculative bubbles as the seed of his January 2000 "bubble.com" memo that called the dot-com top.”
Not yet given a topic 2
Peter L. Bernstein
“One of the three foundational books on markets Marks repeatedly names; a history of how humanity learned to understand and price risk.”
Jack D. Schwager
“Marks names Schwager's interviews with top traders among his recommended reads.”
Decision Making 1
Nassim Nicholas Taleb
“Marks says it has "some very, very valuable ideas" about how randomness is confused with skill, and calls it the best starting point for Taleb's work.”
Collected Howard Marks recommendations 6
Decision Making 1
Finance and Markets 1
Financial History 1
Business and Management 1
Sociology and Culture 1
Games and Puzzles 1
What's Going on in Private Credit? memo 4
Financial History 4
Selling Out memo 1
Investing 1
Oaktree memo 'On the Couch' 1
Economics 1
Richard H. Thaler
“He opens his new book, Misbehaving, with Vilfredo Pareto's assertion”
Oaktree memo 'Risk' 1
Investing 1
David F. Swensen
“As David Swensen wrote in his excellent book, "Pioneering Portfolio Management"”
Oaktree memo 'Irrational Exuberance' 1
Investing 1
Jeremy J. Siegel
“his book "Stocks for the Long Run" contributed greatly to the bull market's middle years”
Oaktree memo 'The Limits to Negativism' 1
Decision Making 1
Nassim Nicholas Taleb
“The message of The Black Swan is how important it is to realize that the things everyone rules out can still come to pass.”
Oaktree memo 'Mr. Market Miscalculates' 1
Investing 1
Benjamin Graham
“In his book The Intelligent Investor, first published in 1949, Benjamin Graham”
Oaktree memo 'Whodunit?' 1
Investing 1
Adam Smith
“One of the great investment books of the 1960s was The Money Game by the pseudonymous Adam Smith.”
Oaktree memo 'Learning From Enron' 1
Financial History 1
Ferdinand Pecora
“It's a passage from one of my favorite books, "Wall Street Under Oath."”
Book recommendations listed on their Good Books profile 1
Investing 1
Where they publish 6
- Howard Marks's Oaktree memos
- Good Books — Howard Marks profile
- Superbook reading list
- Investec — Howard Marks' favourite books
- Acquirer's Multiple — Marks on Taleb
- The Ways to Wealth — 13 investing books recommended by Howard Marks