Behind the Memo: What Really Matters?

Episode notes

In the latest episode of Behind the Memo , Howard discusses his most recent memo, What Really Matters?, and looks back on a year of memo-writing. He considers the themes that have dominated his thinking in 2022 and highlights his key messages for investors, including one they may not want to hear. You can listen to What Really Matters? in the prior episode or read it here (

• What's Going on in Private Credit?80 / 100
• Reflections on Oaktree Conference 2026 with Howard Marks76 / 100
• AI Hurtles Ahead67 / 100
• Is It a Bubble?
• Cockroaches in the Coal Mine