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Howard Marks

Co-founder and co-chairman of Oaktree Capital Management; author of the Oaktree memos.

Howard Marks did not write this page. ppll compiled it from their own words, each linked to the source. Is this you? · Report a mistake

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What they believe

The bold line is korrents’ wording; the quote is theirs. These 2: what they wrote before what they said aloud, one per source, newest first.

All 10 beliefs, on korrents

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As its own page →

Everything, newest first — across every channel.

Sources

9 December 2025

Howard MarksKorrents

From one piece Is It a Bubble? 7 beliefs · oaktreecapital.com

+ 4 more

9 January 2024

10 July 2023

Howard MarksRecommends

  • Lovedrcmnd.app

    Devil Take the Hindmost

    Their words

    In the fall of 1999, against the backdrop of the massive gains being achieved in tech, media, and telecom stocks, I read Edward Chancellor’s excellent book Devil Take the Hindmost.

    oaktreecapital.com

11 January 2021

Howard MarksKorrents

From one piece Something of Value (memo to Oaktree clients) 3 beliefs · oaktreecapital.com

The whole feed →

Beliefs

  • Korrents What they believe 10 beliefs — each backed by an exact quote.

    Each is a — compiled by korrents.com, not by them: the one-line wordings are korrents', the quotes are theirs.

    Recent

    • Nobody can yet know whether the current enthusiasm for AI is excessive, so anyone claiming conviction about how it resolves is overreaching.
      Given the vast potential of AI but also the large number of enormous unknowns, I think virtually no one can say for sure.

      Is It a Bubble? Said 9 Dec 2025

      Full record — everyone who holds this →

    • A bubble can only be identified in retrospect, so arguing about whether one is happening now cannot be settled now.
      Bubbles are best identified in retrospect.

      Is It a Bubble? Said 9 Dec 2025

      Full record — everyone who holds this →

    • If AI enthusiasm does not produce a bubble on the historical pattern, it will be the first transformative technology that did not.
      If that enthusiasm doesn’t produce a bubble conforming to the historical pattern, that will be a first.

      Is It a Bubble? Said 9 Dec 2025

      Full record — everyone who holds this →

    Show 7 more
    • Transformative technologies reliably attract more investment and infrastructure than they need, and that excess is what speeds their adoption.
      There’s a consistent history of transformational technologies generating excessive enthusiasm and investment, resulting in more infrastructure than is needed and asset prices that prove to have been too high. The excesses accelerate the adoption of the technology in a way that wouldn’t occur in their absence.

      Is It a Bubble? Said 9 Dec 2025

      Full record — everyone who holds this →

      infrastructure

    • There is no way to capture a new technology’s upside without being exposed to the losses if the enthusiasm proves excessive.
      There can be no way to participate fully in the potential benefits from the new technology without being exposed to the losses that will arise if the enthusiasm and thus investors’ behavior prove to have been excessive.

      Is It a Bubble? Said 9 Dec 2025

      Full record — everyone who holds this →

      investing

    • Leverage in the AI build-out is neither to be applauded nor feared; what matters is how much debt there is and what backs it.
      Debt is neither a good thing nor a bad thing per se. Likewise, the use of leverage in the AI industry shouldn’t be applauded or feared.

      Is It a Bubble? Said 9 Dec 2025

      Full record — everyone who holds this →

    • AI may be a replacement for human cognition rather than a tool, which makes it different in kind from earlier technologies.
      AI may not be a tool for mankind, but rather something of a replacement.

      Is It a Bubble? Said 9 Dec 2025

      Full record — everyone who holds this →

    • Value investing should mean buying whatever offers the better value proposition on all factors, not buying one side of the value/growth divide.
      Rather than being defined as one side of this artificial dichotomy, value investing should instead consist of buying whatever represents a better value proposition, taking all factors into account.

      Something of Value (memo to Oaktree clients) Said 11 Jan 2021

      Full record — everyone who holds this →

      value investing

    • The value-versus-growth distinction does not serve investors well in a fast-changing world.
      My extensive discussions with Andrew led me to conclude that the focus on value versus growth doesn’t serve investors well in the fast-changing world in which we live.

      Something of Value (memo to Oaktree clients) Said 11 Jan 2021

      Full record — everyone who holds this →

      investing

    • Readily measurable indicators of cheapness are no longer sufficient on their own to produce a sustainable investing edge.
      Not only are the traditional staples of classic value investing (readily discernable quantitative measures of cheapness in the here-and-now) no longer likely to produce a sustainable edge on their own, but the world has gotten more complex, with many more dynamics that can drive a decoupling of near-term metrics from valuation, both to the positive and negative.

      Something of Value (memo to Oaktree clients) Said 11 Jan 2021

      Full record — everyone who holds this →

      value investing

    Beliefs others hold too

    • Nobody can yet know whether the current enthusiasm for AI is excessive, so anyone claiming conviction about how it resolves is overreaching. 2 hold this
      Given the vast potential of AI but also the large number of enormous unknowns, I think virtually no one can say for sure.

      Is It a Bubble? Said 9 Dec 2025

      Full record — everyone who holds this →

    All 10 beliefs →

What is a korrent?

A korrent is a belief a person has stated in their own words: one sentence stating the claim, backed by a quote and a source, kept at korrents.com.

Under a name here, the quoted block is what they actually said. The korrent beneath it is the claim those words support, in korrents' wording — tap it to see the record, its source, and who else holds it.

Nobody here wrote their own korrents. They are compiled from public statements, and a person can change their mind, which is recorded too.

Recommends rcmnd

Where they publish

  • Blog Memos from Howard Marks The memos, archived by year back to 1990. A handful a year.

    The memos investors mean when they say "the memos": long letters on risk, market cycles and where the crowd is, written under their own name and archived by year back to 1990. This site already quotes one, Something of Value.

    Open oaktreecapital.com

    Link verified 1 Sept 2026.

About the English under a post

Some people here publish in a language other than English. Where they do, this site shows a machine translation beneath the post, in this typeface — the site's own, not theirs.

The post itself is never changed, moved or hidden: what is set in the serif above is exactly what the person published, and it is what to quote them on. A translation can be wrong in ways that matter, especially about tone.

Only the post's own words are translated. A quoted post, a linked article and a belief on korrents.com are left in their original language.