A Look Under the Hood

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 ( ).

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A Look Under the Hood is an episode from The Memo by Howard Marks by Oaktree Capital Management.

This episode is 00:28:47 long.

This episode was published on Oct 28, 2025.

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