The Memo by Howard Marks

The Rewind: Uncertainty

Dec. 20, 2021

Howard reflects on this memo originally published on May 11, 2020.  Writing near the beginning of the Covid-19 crisis, he discusses the power of saying “I don’t know” and the danger of confirmation bias.  Drawing on the insights of thinkers from Voltaire to Albert Einstein, Howard explains why he believes having intellectual humility is essential for outstanding investing.   

You can read the memo here (https://www.oaktreecapital.com/docs/default-source/memos/uncertainty.pdf).

The memo is read by LJ Ganser.



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