This repository is a curated archive of memos written by renowned investors. These memos cover a wide range of topics including market cycles, risk management, investor psychology, valuation, and economic trends.

• Howard Marks, co-founder of Oaktree Capital Management

All memos are organized by year for easy browsing:

/howard_marks
├── 2010/
    ├── all-that-glitters.pdf
    ├── hemlines.pdf
    ├── it's-greek-to-me.pdf
    ├── i'd-rather-be-wrong.pdf
    ├── open-and-shut.pdf
    ├── tell-me-i'm-wrong.pdf
    └── warning-flags.pdf

├── 2011/
    ├── down-to-the-wire.pdf
    ├── how-quickly-they-forget.pdf
    ├── its-all-very-taxing.pdf
    ├── on-regulation.pdf
    └── whats-behind-the-downturn.pdf

├── 2019/
    ├── growing-the-pie.pdf
    ├── mysterious.pdf
    ├── on-the-other-hand.pdf
    ├── political-reality-meets-economic-reality.pdf
    └── this-time-its-different.pdf

File names have been standardized for readability: lowercase, hyphen-separated (e.g., dare-to-be-great.pdf).

Howard Marks’ memos are widely respected for their depth, clarity, and long-term perspective. They offer timeless wisdom for:

• Long-term investors
• Finance professionals
• Students of economics and behavioral finance
• Anyone interested in understanding markets through cycles

This archive may expand in the future to include memos and letters from other iconic investors, providing a comprehensive resource for investment thought and market analysis.

Howard Marks, Oaktree Capital, investment memos, investor letters, market cycles, value investing, risk management, behavioral finance, investment strategy

This repository is for educational and archival purposes. All memos remain the intellectual property of their original authors and sources.