The Memo by Howard Marks · 2025-10-28 · 29 min
In his latest memo, Howard Marks offers observations based on his meeting with the board, consultant, and senior staff of a state pension fund. Howard explores the key topics covered during the session, including determining an appropriate risk posture, selecting an investment approach, and assessing performance. While these decisions are challenging, the board and its consultant applied the only reasonable method: asking the right questions and pursuing rational conclusions. You can read the memo here ( ).
What's Going on in Private Credit?80 / 100
Reflections on Oaktree Conference 2026 with Howard Marks76 / 100AI Hurtles Ahead67 / 100Is It a Bubble?68 / 100Cockroaches in the Coal Mine67 / 100