35 Years of Memos
Episode publishedPodcast: The Memo by Howard MarksThe Memo by Howard Marks
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Hello, and welcome to a special Oaktree podcast. We're delighted to once again take you inside the Oaktree office. This time, live from New York for a fireside chat with Howard Marks, moderated by me, Harry Whitelaw, in celebration of the thirty fifth anniversary of his famous memos. We hope you enjoy listening in. Well, welcome everyone, both here in New York and around the world for this very special fireside chat with Howard Marks, a man whose accomplishments make him difficult to introduce adequately. We know Howard as a legendary credit investor, an endeavor in which he has a few peers, n
Thank you, Harry. Great to be here. Thank you for doing this.
Well, we better start in 1990, the year of the first memo. What were you doing at the time, and why put finger to typewriter for the first time?
Well, I guess I was roughly half my age and still working at TCW. The memos did not come from some grand plan or decision to have a series of memos, but rather just from an interesting event or the juxtaposition of two interesting events that occurred in 1990, and that I thought illuminated our approach and the clients would like to know about
So designed for clients, but an early decision to focus on clarity rather than the jargon and numbers perhaps commonplace with most financial literature?
Well, that was never a conscious decision on my part. I never thought of the alternative. I always try to write the way I speak, and that's all I did. I just wrote it down. I think things are more readable if they're casual. Casual rather than intimidating or erudite. To me, that's important. And the greatest notes I get from readers, and I'm happy to say a theme, is they say, you made something complex simple. And when they say that, I feel like mission accomplished. That's what I'd like to do.
Clarity at the forefront. If you've ever had your work marked by Howard, the best response is very clear, Nothing else.
You ever get that?
Not yet. Not yet. Not yet. And this might come as a surprise. Right? You did not get a response for quite a long time from that first memo.
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