A Look Under the Hood
From The Memo by Howard Marks by Oaktree Capital Management
October 28, 2025 · 29 min · Episode 73
About this episode
Howard Marks discusses insights from his meeting with a state pension fund's board and staff regarding investment decisions.
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 ( https://oaktreecapital.com/insights/memo/a-look-under-the-hood ).
People in this episode
Host: Howard Marks
Topics covered
- risk posture
- investment approach
- performance assessment
- pension fund management
- decision making
Keywords
- risk posture
- investment approach
- performance
- pension fund
- decision making
Mentioned in this episode
Organizations: Oaktree Capital Management, state pension fund
More episodes of The Memo by Howard Marks
- What's Going on in Private Credit? · April 9, 2026 · 39 min
- Reflections on Oaktree Conference 2026 with Howard Marks · March 24, 2026 · 33 min
- AI Hurtles Ahead · February 26, 2026 · 46 min
- Is It a Bubble? · December 9, 2025 · 1h 7m
- Cockroaches in the Coal Mine · November 6, 2025 · 24 min
- 35 Years of Memos · October 14, 2025 · 31 min
Explore listener stats, chart rankings, contacts and more on the The Memo by Howard Marks podcast page.