# Howard Marks Memos - Table of Contents

Total bytes: ~4982947
Sections: 204 (37 groups, 167 with content)
Source: [https://github.com/manojjadhav0312/howard-marks-memos @ 8e6945570dafc1a6fc4be0eb79bd56924602c766](https://github.com/manojjadhav0312/howard-marks-memos/tree/8e6945570dafc1a6fc4be0eb79bd56924602c766/.)
Coverage: pages listed in the repository's navigation manifest at this commit; pages the repository publishes and links to but does not list are in this module's annex
TOC hash: 54a12845f17e
Entries: + group | - section | * heading — <title> [address] <bytes>B <hash|pending> (, <n> sections)? (more)?

- The Complete Collection [/platform/howard-marks-memos/memos/the-complete-collection] 2135B 49f8bb05f0ef
+ 1990 [/platform/howard-marks-memos/1990-1] 4560B 6b3221360612, 1 section
  - The Route to Performance [/platform/howard-marks-memos/memos/1990/the-route-to-performance] 4556B b2547c1e1e1d
+ 1991 [/platform/howard-marks-memos/1991-1] 3364B 1b72a2bbf398, 1 section
  - First Quarter Performance [/platform/howard-marks-memos/memos/1991/first-quarter-performance] 3360B deef0cb59601
+ 1992 [/platform/howard-marks-memos/1992-1] 5497B 5053992ed4f0, 1 section
  - Microeconomics 101: Supply, Demand and Convertibles [/platform/howard-marks-memos/memos/1992/microeconomics-101-supply-demand-and-convertibles] 5493B 637a5976c174
+ 1993 [/platform/howard-marks-memos/1993-1] 15832B 5f3caa9f1eb2, 1 section
  - The Value of Predictions, or Where'd All This Rain Come From? [/platform/howard-marks-memos/memos/1993/the-value-of-predictions-or-where-d-all-this-rain-come-from] 15828B 8a25b647c81d
+ 1994 [/platform/howard-marks-memos/1994-1] 31055B 242db808e216, 4 sections
  - Random Thoughts on the Identification of Investment Opportunities [/platform/howard-marks-memos/memos/1994/random-thoughts-on-the-identification-of-investment-opportunities] 4544B 9c592b08aae4
  - Risk in Today's Markets [/platform/howard-marks-memos/memos/1994/risk-in-today-s-markets] 9474B 43c8c7f43981
  - "Risk in Today's Markets" Revisited [/platform/howard-marks-memos/memos/1994/risk-in-today-s-markets-revisited] 11761B 671802d22cf2
  - How Does an Inefficient Market Get That Way? [/platform/howard-marks-memos/memos/1994/how-does-an-inefficient-market-get-that-way] 5272B 67d0155db770
+ 1995 [/platform/howard-marks-memos/1995-1] 4654B e378b609e022, 1 section
  - How the Game Should Be Played [/platform/howard-marks-memos/memos/1995/how-the-game-should-be-played] 4650B 56d18c302743
+ 1996 [/platform/howard-marks-memos/1996-1] 26960B 3cc44db0ec74, 2 sections
  - The Value of Predictions II (or "Give That Man a Cigar") [/platform/howard-marks-memos/memos/1996/the-value-of-predictions-ii-or-give-that-man-a-cigar] 15817B f9eefd40c838
  - Will It Be Different This Time? [/platform/howard-marks-memos/memos/1996/will-it-be-different-this-time] 11139B 68d2ab1eb30b
+ 1997 [/platform/howard-marks-memos/1997-1] 14270B 5b9f24ae62b6, 1 section
  - Are You An Investor or a Speculator? [/platform/howard-marks-memos/memos/1997/are-you-an-investor-or-a-speculator] 14266B e80b120b6d5e
+ 1998 [/platform/howard-marks-memos/1998-1] 27918B 323620f7c1b9, 2 sections
  - Who Knew? [/platform/howard-marks-memos/memos/1998/who-knew] 6848B 385686a69158
  - Genius Isn't Enough (and Other Lessons from Long-Term Capital Management) [/platform/howard-marks-memos/memos/1998/genius-isn-t-enough-and-other-lessons-from-long-term-capital-managemen] 21066B cb67ecf15999
+ 1999 [/platform/howard-marks-memos/1999-1] 7120B ca9c89c70f5a, 1 section
  - How's the Market? [/platform/howard-marks-memos/memos/1999/how-s-the-market] 7116B 73fd4d4449cd
+ 2000 [/platform/howard-marks-memos/2000-1] 104946B 398aeb57c562, 4 sections
  - bubble.com [/platform/howard-marks-memos/memos/2000/bubble-com] 35407B e225aa13677f
  - Irrational Exuberance [/platform/howard-marks-memos/memos/2000/irrational-exuberance] 23896B 8d7a02d66ae5
  - Investment Miscellany [/platform/howard-marks-memos/memos/2000/investment-miscellany] 17546B eee4da07c7be
  - We're Not In 1999 Anymore, Toto [/platform/howard-marks-memos/memos/2000/we-re-not-in-1999-anymore-toto] 28093B e2c1723f433b
+ 2001 [/platform/howard-marks-memos/2001-1] 121137B d7fe52c98313, 5 sections
  - Safety First . . . But Where? [/platform/howard-marks-memos/memos/2001/safety-first-but-where] 28271B f0a8f7d2e77d
  - What's It All About, Alpha? [/platform/howard-marks-memos/memos/2001/what-s-it-all-about-alpha] 26042B 4dc853762f61
  - Notes from New York [/platform/howard-marks-memos/memos/2001/notes-from-new-york] 15846B d723148dab4d
  - What Lies Ahead? [/platform/howard-marks-memos/memos/2001/what-lies-ahead] 20339B f72135e60f81
  - You Can't Predict. You Can Prepare. [/platform/howard-marks-memos/memos/2001/you-can-t-predict-you-can-prepare] 30635B 73468f7bd583
+ 2002 [/platform/howard-marks-memos/2002-1] 154712B b3ab834f686f, 5 sections
  - Learning From Enron [/platform/howard-marks-memos/memos/2002/learning-from-enron] 53931B 9bab935eaaaa
  - The Realist's Creed [/platform/howard-marks-memos/memos/2002/the-realist-s-creed] 31140B 3846ab9b0ba9
  - Quo Vadis? [/platform/howard-marks-memos/memos/2002/quo-vadis] 20196B 33fe8547fcd6
  - Etorre's Wisdom [/platform/howard-marks-memos/memos/2002/etorre-s-wisdom] 13262B eeefbeba1f8b
  - Returns and How They Get That Way [/platform/howard-marks-memos/memos/2002/returns-and-how-they-get-that-way] 36179B eb4c59e81d66
+ 2003 [/platform/howard-marks-memos/2003-1] 134366B 4e3e6fb98448, 5 sections
  - Whad'Ya Know? [/platform/howard-marks-memos/memos/2003/whad-ya-know] 39887B 31832d10ae3d
  - What's Going On? [/platform/howard-marks-memos/memos/2003/what-s-going-on] 20903B ca48022647d4
  - The Most Important Thing [/platform/howard-marks-memos/memos/2003/the-most-important-thing] 33388B 55da09dd69b3
  - What's Your Game Plan? [/platform/howard-marks-memos/memos/2003/what-s-your-game-plan] 18657B 266f6ab8325e
  - The Feeling's Mutual [/platform/howard-marks-memos/memos/2003/the-feeling-s-mutual] 21527B dfb27f7ac80f
+ 2004 [/platform/howard-marks-memos/2004-1] 138796B ee292a8af015, 5 sections
  - Hey, Steward!! [/platform/howard-marks-memos/memos/2004/hey-steward] 26883B 55f28ee719e5
  - Us and Them [/platform/howard-marks-memos/memos/2004/us-and-them] 25227B d430972780a5
  - The Happy Medium [/platform/howard-marks-memos/memos/2004/the-happy-medium] 31288B 303e42a748da
  - Hedge Funds: A Case for Caution [/platform/howard-marks-memos/memos/2004/hedge-funds-a-case-for-caution] 36236B ed5086fe4a63
  - Risk and Return Today [/platform/howard-marks-memos/memos/2004/risk-and-return-today] 19158B c92119bb9728
+ 2005 [/platform/howard-marks-memos/2005-1] 92391B 163142ba8027, 4 sections
  - Oaktree at Ten [/platform/howard-marks-memos/memos/2005/oaktree-at-ten] 15753B aa773549b51a
  - There They Go Again [/platform/howard-marks-memos/memos/2005/there-they-go-again] 24257B 67c95b6b4dd7
  - A Case in Point [/platform/howard-marks-memos/memos/2005/a-case-in-point] 18249B a0be401d2748
  - Hindsight First, Please (or, What Were They Thinking?) [/platform/howard-marks-memos/memos/2005/hindsight-first-please-or-what-were-they-thinking] 34128B 1356ba3c25f4
+ 2006 [/platform/howard-marks-memos/2006-1] 241253B b127d11add93, 7 sections
  - Risk [/platform/howard-marks-memos/memos/2006/risk] 32365B e184e03b8e50
  - It Is What It Is [/platform/howard-marks-memos/memos/2006/it-is-what-it-is] 22263B b13c3f875d43
  - Returns, Absolute Returns and Risk [/platform/howard-marks-memos/memos/2006/returns-absolute-returns-and-risk] 32077B fbdeca7eda3c
  - You Can't Eat IRR [/platform/howard-marks-memos/memos/2006/you-can-t-eat-irr] 41348B e729e3e00635
  - Dare to Be Great [/platform/howard-marks-memos/memos/2006/dare-to-be-great] 38135B a3309f10904e
  - The New Paradigm [/platform/howard-marks-memos/memos/2006/the-new-paradigm] 35091B 79508fffb135
  - Pigweed [/platform/howard-marks-memos/memos/2006/pigweed] 39970B f2583a8513ae
+ 2007 [/platform/howard-marks-memos/2007-1] 190879B cd3ce71bc89a, 6 sections
  - The Race to the Bottom [/platform/howard-marks-memos/memos/2007/the-race-to-the-bottom] 25817B 7a123f347313
  - Everyone Knows [/platform/howard-marks-memos/memos/2007/everyone-knows] 28142B dfd5ccdcf2d3
  - It's All Good [/platform/howard-marks-memos/memos/2007/it-s-all-good] 41373B a070c169b7dd
  - It's All Good . . . Really? [/platform/howard-marks-memos/memos/2007/it-s-all-good-really] 22466B d7113290a52e
  - Now It's All Bad? [/platform/howard-marks-memos/memos/2007/now-it-s-all-bad] 38738B 704d7a43a691
  - No Different This Time – The Lessons of '07 [/platform/howard-marks-memos/memos/2007/no-different-this-time-the-lessons-of-07] 34339B a2cc4b604472
+ 2008 [/platform/howard-marks-memos/2008-1] 322569B 98887546a8f5, 10 sections
  - Now What? [/platform/howard-marks-memos/memos/2008/now-what] 39684B 8cf4187eda21
  - Whodunit [/platform/howard-marks-memos/memos/2008/whodunit] 32971B 5f9ec8455029
  - The Tide Goes Out [/platform/howard-marks-memos/memos/2008/the-tide-goes-out] 36931B 88b6cd8a865e
  - The Aviary [/platform/howard-marks-memos/memos/2008/the-aviary] 42079B c9fc7fa52d05
  - Doesn't Make Sense [/platform/howard-marks-memos/memos/2008/doesn-t-make-sense] 32905B ae2a431d4279
  - What Worries Me [/platform/howard-marks-memos/memos/2008/what-worries-me] 45625B 6126422cd985
  - Nobody Knows [/platform/howard-marks-memos/memos/2008/nobody-knows] 16940B f70e9b238fde
  - Plan B [/platform/howard-marks-memos/memos/2008/plan-b] 21565B 827a9465ab7d
  - The Limits to Negativism [/platform/howard-marks-memos/memos/2008/the-limits-to-negativism] 22186B 2db6ab6d1f6c
  - Volatility + Leverage = Dynamite [/platform/howard-marks-memos/memos/2008/volatility-leverage-dynamite] 31679B 38c34660b0b3
+ 2009 [/platform/howard-marks-memos/2009-1] 157906B aabbbccfd7f9, 4 sections
  - The Long View [/platform/howard-marks-memos/memos/2009/the-long-view] 47981B 420620f1624e
  - Will It Work? [/platform/howard-marks-memos/memos/2009/will-it-work] 28844B b144bce1b433
  - So Much That's False and Nutty [/platform/howard-marks-memos/memos/2009/so-much-that-s-false-and-nutty] 43995B 4ef9ca6ebadb
  - Touchstones [/platform/howard-marks-memos/memos/2009/touchstones] 37082B 617819986caf
+ 2010 [/platform/howard-marks-memos/2010-1] 212746B 2d6831f24232, 7 sections
  - Tell Me I'm Wrong [/platform/howard-marks-memos/memos/2010/tell-me-i-m-wrong] 34777B 265c5fabf253
  - I'd Rather Be Wrong [/platform/howard-marks-memos/memos/2010/i-d-rather-be-wrong] 15088B 49ec9beacd01
  - Warning Flags [/platform/howard-marks-memos/memos/2010/warning-flags] 30578B 4cf2389e6fba
  - It's Greek to Me [/platform/howard-marks-memos/memos/2010/it-s-greek-to-me] 49987B e61d10b5abaf
  - Hemlines [/platform/howard-marks-memos/memos/2010/hemlines] 33533B 39cf479c051c
  - Open and Shut [/platform/howard-marks-memos/memos/2010/open-and-shut] 20280B db2f94c08e54
  - All That Glitters [/platform/howard-marks-memos/memos/2010/all-that-glitters] 28499B 0306bdfd8c0c
+ 2011 [/platform/howard-marks-memos/2011-1] 161027B 44a3b64923bf, 5 sections
  - On Regulation [/platform/howard-marks-memos/memos/2011/on-regulation] 21960B 5a70b42ebc7e
  - How Quickly They Forget [/platform/howard-marks-memos/memos/2011/how-quickly-they-forget] 35845B d7fc00ba2a44
  - Down to the Wire [/platform/howard-marks-memos/memos/2011/down-to-the-wire] 27452B 04d55a6385c0
  - What's Behind the Downturn? [/platform/howard-marks-memos/memos/2011/what-s-behind-the-downturn] 29157B f47556425e9c
  - It's All Very Taxing [/platform/howard-marks-memos/memos/2011/it-s-all-very-taxing] 46609B ae0a55c105f0
+ 2012 [/platform/howard-marks-memos/2012-1] 142077B 2ddd4bd36e87, 5 sections
  - What Can We Do For You? [/platform/howard-marks-memos/memos/2012/what-can-we-do-for-you] 27077B af949a655cb0
  - Assessing Performance Records – A Case Study [/platform/howard-marks-memos/memos/2012/assessing-performance-records-a-case-study] 18033B 9ab9ec530ba6
  - Déjà Vu All Over Again [/platform/howard-marks-memos/memos/2012/deja-vu-all-over-again] 29078B e0af986f3cc2
  - It's All a Big Mistake [/platform/howard-marks-memos/memos/2012/it-s-all-a-big-mistake] 24869B 282122b8b45d
  - On Uncertain Ground [/platform/howard-marks-memos/memos/2012/on-uncertain-ground] 43016B f63fac7221d2
+ 2013 [/platform/howard-marks-memos/2013-1] 124674B 0cb9cf63560e, 5 sections
  - A Fresh Start (Hopefully) [/platform/howard-marks-memos/memos/2013/a-fresh-start-hopefully] 23236B 737c9f99ead1
  - Ditto [/platform/howard-marks-memos/memos/2013/ditto] 34219B 72226e90d5ec
  - High Yield Bonds Today [/platform/howard-marks-memos/memos/2013/high-yield-bonds-today] 5197B 11fd3fcc8bf7
  - The Outlook for Equities [/platform/howard-marks-memos/memos/2013/the-outlook-for-equities] 29655B 72c8c0a46fe2
  - The Role of Confidence [/platform/howard-marks-memos/memos/2013/the-role-of-confidence] 32363B aee918c02746
+ 2014 [/platform/howard-marks-memos/2014-1] 143115B 321f30eac52e, 4 sections
  - The Race Is On [/platform/howard-marks-memos/memos/2014/the-race-is-on] 25670B 946be35ddf1e
  - Getting Lucky [/platform/howard-marks-memos/memos/2014/getting-lucky] 37883B f0e768006457
  - Dare to Be Great II [/platform/howard-marks-memos/memos/2014/dare-to-be-great-ii] 26141B 6c517d2284ad
  - Risk Revisited [/platform/howard-marks-memos/memos/2014/risk-revisited] 53417B 059ea1579ba4
+ 2015 [/platform/howard-marks-memos/2015-1] 201482B dd2a7f22afdc, 5 sections
  - The Lessons of Oil [/platform/howard-marks-memos/memos/2015/the-lessons-of-oil] 22160B 3a5abb093d83
  - Liquidity [/platform/howard-marks-memos/memos/2015/liquidity] 35397B f8269e5ae76d
  - Risk Revisited Again [/platform/howard-marks-memos/memos/2015/risk-revisited-again] 67294B 592ea954c1a8
  - It's Not Easy [/platform/howard-marks-memos/memos/2015/it-s-not-easy] 45353B 4c0b17c6f234
  - Inspiration from the World of Sports [/platform/howard-marks-memos/memos/2015/inspiration-from-the-world-of-sports] 31274B 2d4eaf8df370
+ 2016 [/platform/howard-marks-memos/2016-1] 233905B e605affd20b1, 6 sections
  - On the Couch [/platform/howard-marks-memos/memos/2016/on-the-couch] 50245B c6006410534a
  - What Does the Market Know? [/platform/howard-marks-memos/memos/2016/what-does-the-market-know] 24375B f0489ab4e01d
  - Economic Reality [/platform/howard-marks-memos/memos/2016/economic-reality] 46484B 0bc44dfb4878
  - Political Reality [/platform/howard-marks-memos/memos/2016/political-reality] 53781B 3cb310a09c53
  - Implications of the Election [/platform/howard-marks-memos/memos/2016/implications-of-the-election] 34967B 006ac5605eba
  - Go Figure! [/platform/howard-marks-memos/memos/2016/go-figure] 24049B dc37a05ca148
+ 2017 [/platform/howard-marks-memos/2017-1] 156855B 0ac18edd2a65, 4 sections
  - Expert Opinion [/platform/howard-marks-memos/memos/2017/expert-opinion] 33995B 33f966366444
  - Lines in the Sand [/platform/howard-marks-memos/memos/2017/lines-in-the-sand] 21040B adbc64d5b11b
  - There They Go Again . . . Again [/platform/howard-marks-memos/memos/2017/there-they-go-again-again] 65461B a4e67321aa98
  - Yet Again? [/platform/howard-marks-memos/memos/2017/yet-again] 36355B 22e40d13810f
+ 2018 [/platform/howard-marks-memos/2018-1] 122365B f43310c863bd, 3 sections
  - Latest Thinking [/platform/howard-marks-memos/memos/2018/latest-thinking] 34503B 5fe81481b2f6
  - Investing Without People [/platform/howard-marks-memos/memos/2018/investing-without-people] 51848B f4acbe08b8b3
  - The Seven Worst Words in the World [/platform/howard-marks-memos/memos/2018/the-seven-worst-words-in-the-world] 36010B 921b6c2a775e
+ 2019 [/platform/howard-marks-memos/2019-1] 154477B 0c6eab056890, 5 sections
  - Political Reality Meets Economic Reality [/platform/howard-marks-memos/memos/2019/political-reality-meets-economic-reality] 43584B 44a1f69d5773
  - Growing the Pie [/platform/howard-marks-memos/memos/2019/growing-the-pie] 21699B faa146dbdf89
  - This Time It's Different [/platform/howard-marks-memos/memos/2019/this-time-it-s-different] 38269B 373ff02dd904
  - On the Other Hand [/platform/howard-marks-memos/memos/2019/on-the-other-hand] 26061B 30cf9f87bfc3
  - Mysterious [/platform/howard-marks-memos/memos/2019/mysterious] 24860B 4f60a68409d0
+ 2020 [/platform/howard-marks-memos/2020-1] 323311B 375a0d3e9de8, 12 sections
  - You Bet! [/platform/howard-marks-memos/memos/2020/you-bet] 41668B 1ca891e5e531
  - Nobody Knows II [/platform/howard-marks-memos/memos/2020/nobody-knows-ii] 23870B e337098acb72
  - Latest Update [/platform/howard-marks-memos/memos/2020/latest-update] 16262B ebedd34262db
  - Which Way Now? [/platform/howard-marks-memos/memos/2020/which-way-now] 25230B f838518b153e
  - Calibrating [/platform/howard-marks-memos/memos/2020/calibrating] 22855B 77e750d566c1
  - Knowledge of the Future [/platform/howard-marks-memos/memos/2020/knowledge-of-the-future] 25559B eb9bbf5abd71
  - Uncertainty [/platform/howard-marks-memos/memos/2020/uncertainty] 33223B a2bc8bea4d57
  - Uncertainty II [/platform/howard-marks-memos/memos/2020/uncertainty-ii] 16498B c82957b4c7f9
  - Not Enough [/platform/howard-marks-memos/memos/2020/not-enough] 8554B 7c76a1b96436
  - The Anatomy of a Rally [/platform/howard-marks-memos/memos/2020/the-anatomy-of-a-rally] 21956B 829a2d1289bf
  - Time for Thinking [/platform/howard-marks-memos/memos/2020/time-for-thinking] 34667B 7a1279477d0c
  - Coming into Focus [/platform/howard-marks-memos/memos/2020/coming-into-focus] 52965B d56af6258981
+ 2021 [/platform/howard-marks-memos/2021-1] 208101B 733bee284b16, 4 sections
  - Something of Value [/platform/howard-marks-memos/memos/2021/something-of-value] 63554B 7dbfbf8ab365
  - 2020 in Review [/platform/howard-marks-memos/memos/2021/2020-in-review] 45561B 3302fb4a2888
  - Thinking About Macro [/platform/howard-marks-memos/memos/2021/thinking-about-macro] 45375B 2232132dce85
  - The Winds of Change [/platform/howard-marks-memos/memos/2021/the-winds-of-change] 53607B 321587db6a43
+ 2022 [/platform/howard-marks-memos/2022-1] 295408B f5f8986e3a26, 8 sections
  - Selling Out [/platform/howard-marks-memos/memos/2022/selling-out] 29059B 8a1d2007dbad
  - The Pendulum in International Affairs [/platform/howard-marks-memos/memos/2022/the-pendulum-in-international-affairs] 24127B d7109d65ce0d
  - Bull Market Rhymes [/platform/howard-marks-memos/memos/2022/bull-market-rhymes] 37350B ac0a0553423e
  - Conversation at Panmure House [/platform/howard-marks-memos/memos/2022/conversation-at-panmure-house] 44159B b4f11f71d0aa
  - I Beg to Differ [/platform/howard-marks-memos/memos/2022/i-beg-to-differ] 39764B 7f87299d95af
  - The Illusion of Knowledge [/platform/howard-marks-memos/memos/2022/the-illusion-of-knowledge] 45401B 330e4882cf37
  - What Really Matters? [/platform/howard-marks-memos/memos/2022/what-really-matters] 45046B f6bdb0cbbc9e
  - Sea Change [/platform/howard-marks-memos/memos/2022/sea-change] 30498B 412645ddaadf
+ 2023 [/platform/howard-marks-memos/2023-1] 142576B 8d17c4ea846d, 4 sections
  - Lessons from Silicon Valley Bank [/platform/howard-marks-memos/memos/2023/lessons-from-silicon-valley-bank] 37261B b8079b518947
  - Taking the Temperature [/platform/howard-marks-memos/memos/2023/taking-the-temperature] 42484B da527e39d2e1
  - Fewer Losers, or More Winners? [/platform/howard-marks-memos/memos/2023/fewer-losers-or-more-winners] 34552B d6a091cdf9de
  - Further Thoughts on *Sea Change* [/platform/howard-marks-memos/memos/2023/further-thoughts-on-sea-change] 28275B 621097f246db
+ 2024 [/platform/howard-marks-memos/2024-1] 178706B 3ed1ca33ff57, 7 sections
  - Easy Money [/platform/howard-marks-memos/memos/2024/easy-money] 48455B 9ae0a59a7866
  - The Indispensability of Risk [/platform/howard-marks-memos/memos/2024/the-indispensability-of-risk] 9086B cc6a37e2ab67
  - The Impact of Debt [/platform/howard-marks-memos/memos/2024/the-impact-of-debt] 12544B 8fd878c51540
  - The Folly of Certainty [/platform/howard-marks-memos/memos/2024/the-folly-of-certainty] 14997B 79b33cdf0b36
  - Mr. Market Miscalculates [/platform/howard-marks-memos/memos/2024/mr-market-miscalculates] 23257B c5b7cac7ef07
  - Shall We Repeal the Laws of Economics? [/platform/howard-marks-memos/memos/2024/shall-we-repeat-the-laws-of-economics] 46257B 22a1a4490c37
  - Ruminating on Asset Allocation [/platform/howard-marks-memos/memos/2024/ruminating-on-asset-allocation] 24106B d631a528271a
+ 2025 [/platform/howard-marks-memos/2025-1] 275602B e8f483f4452e, 9 sections
  - On Bubble Watch [/platform/howard-marks-memos/memos/2025/on-bubble-watch] 30167B 2ca4f79eb757
  - Gimme Credit [/platform/howard-marks-memos/memos/2025/gimme-credit] 24404B 771248974ecb
  - Nobody Knows (Yet Again) [/platform/howard-marks-memos/memos/2025/nobody-knows-yet-again] 28059B 333133dfb914
  - More on Repealing the Laws of Economics [/platform/howard-marks-memos/memos/2025/more-on-repealing-the-laws-of-economics] 31979B a1755bdb47bc
  - The Calculus of Value [/platform/howard-marks-memos/memos/2025/the-calculus-of-value] 35079B 0593fee8aba5
  - The Best of . . . [/platform/howard-marks-memos/memos/2025/the-best-of] 21085B d8d610edebfc
  - A Look Under the Hood [/platform/howard-marks-memos/memos/2025/a-look-under-the-hood] 24537B 0830b9a6bea6
  - Cockroaches in the Coal Mine [/platform/howard-marks-memos/memos/2025/cockroaches-in-the-coal-mine] 20579B 980c376d6c4e
  - Is It a Bubble? [/platform/howard-marks-memos/memos/2025/is-it-a-bubble] 59709B 1374afedfd5f
+ 2026 [/platform/howard-marks-memos/2026] 104200B cedc88ccd720, 3 sections
  - AI Hurtles Ahead [/platform/howard-marks-memos/memos/2026/ai-hurtles-ahead] 40078B 6c9f09df20e8
  - What's Going on in Private Credit? [/platform/howard-marks-memos/memos/2026/what-s-going-on-in-private-credit] 40501B c885d68651d9
  - Shall We Repeal the Laws of Economics – Part III [/platform/howard-marks-memos/memos/2026/shall-we-repeal-the-laws-of-economics-part-iii] 23617B 4649438a29aa