"These memos fall primarily into two categories. Some set out what I consider the enduring truths of investing – from the need for second-level thinking to the importance of risk control, the inevitability of cycles, and the futility of macro forecasting. Others chronicle the most impactful financial events of the last three decades: the dot-com bubble, the Global Financial Crisis, and the sea change in interest rate policy that took place in 2022. 

Writing the memos is an absolute joy for me. They serve as the vehicle through which I share my thinking with the investment community, allow me to connect with Oaktree’s clients and employees, and serve as my creative outlet. I plan to keep at it."

Listen to Howard discuss why he started writing and why he’s kept at it, and learn more about the enduring investment truths encapsulated by his memos.

The first and only complete collection of all Howard’s public memos in a single volume, from the first one in 1990 to the latest as of the date of publication:  The Complete Collection 1990-2025

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