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LETTERS · MEMOS

Letters · Memos · Substack

Letters, memos, interviews, and curated posts from Wall Street gurus and crypto whales. Updated daily.

  1. Cliff Asness·Cliff's Perspective (AQR)·Memo·26.04.07

    A Positive Stock-Bond Correlation Is a Terrible Reason to Add More Equity Risk to Your Portfolio

    Cliff Asness essay (2026) on AQR's "Cliff's Perspective." Read on aqr.com.

  2. Cliff Asness·Cliff's Perspective (AQR)·Memo·26.03.24

    I Did Not Predict What Is Going on in Privates

    Cliff Asness essay (2026) on AQR's "Cliff's Perspective." Read on aqr.com.

  3. Howard Marks·Howard Marks Memos·Memo·26.02.26

    AI Hurtles Ahead

    Howard Marks memo (2026) for Oaktree Capital. Read on oaktreecapital.com.

  4. Howard Marks·Howard Marks Memos·Memo·25.12.09

    Is It a Bubble?

    Howard Marks memo (2025) for Oaktree Capital. Read on oaktreecapital.com.

  5. Howard Marks·Howard Marks Memos·Memo·25.11.06

    Cockroaches in the Coal Mine

    Howard Marks memo (2025) for Oaktree Capital. Read on oaktreecapital.com.

  6. Howard Marks·Howard Marks Memos·Memo·25.10.28

    A Look Under the Hood

    Howard Marks memo (2025) for Oaktree Capital. Read on oaktreecapital.com.

  7. Howard Marks·Howard Marks Memos·Memo·25.10.12

    The Best of . . .

    Howard Marks memo (2025) for Oaktree Capital. Read on oaktreecapital.com.

  8. Howard Marks·Howard Marks Memos·Memo·25.10.12

    What’s Going on in Private Credit?

    Howard Marks memo (2025) for Oaktree Capital. Read on oaktreecapital.com.

  9. Howard Marks·Howard Marks Memos·Memo·25.08.14

    The Calculus of Value

    Howard Marks memo (2025) for Oaktree Capital. Read on oaktreecapital.com.

  10. Cliff Asness·Cliff's Perspective (AQR)·Memo·25.08.10

    There Ain’t No Such Thing as a Free Lunch

    Cliff Asness essay (2025) on AQR's "Cliff's Perspective." Read on aqr.com.

  11. Howard Marks·Howard Marks Memos·Memo·25.06.18

    More on Repealing the Laws of Economics

    Howard Marks memo (2025) for Oaktree Capital. Read on oaktreecapital.com.

  12. Cliff Asness·Cliff's Perspective (AQR)·Memo·25.06.04

    (So) What If You Miss the Market’s N Best Days?

    Cliff Asness essay (2025) on AQR's "Cliff's Perspective." Read on aqr.com.

  13. Cliff Asness·Cliff's Perspective (AQR)·Memo·25.05.07

    Buffer Madness

    Cliff Asness essay (2025) on AQR's "Cliff's Perspective." Read on aqr.com.

  14. Cliff Asness·Cliff's Perspective (AQR)·Memo·25.04.27

    Antti Is (Still) Trying to Understand Return Expectations

    Cliff Asness essay (2025) on AQR's "Cliff's Perspective." Read on aqr.com.

  15. Howard Marks·Howard Marks Memos·Memo·25.04.09

    Nobody Knows (Yet Again)

    Howard Marks memo (2025) for Oaktree Capital. Read on oaktreecapital.com.

  16. Cliff Asness·Cliff's Perspective (AQR)·Memo·25.03.27

    Should Hedge Funds Hedge?: Why Some Alts Should Have a Beta of 1.0

    Cliff Asness essay (2025) on AQR's "Cliff's Perspective." Read on aqr.com.

  17. Cliff Asness·Cliff's Perspective (AQR)·Memo·25.03.20

    Rebuffed: A Closer Look at Options-Based Strategies

    Cliff Asness essay (2025) on AQR's "Cliff's Perspective." Read on aqr.com.

  18. Howard Marks·Howard Marks Memos·Memo·25.03.06

    Gimme Credit

    Howard Marks memo (2025) for Oaktree Capital. Read on oaktreecapital.com.

  19. Howard Marks·Howard Marks Memos·Memo·25.01.07

    On Bubble Watch

    Howard Marks memo (2025) for Oaktree Capital. Read on oaktreecapital.com.

  20. Cliff Asness·Cliff's Perspective (AQR)·Memo·25.01.01

    2035: An Allocator Looks Back Over the Last 10 Years

    Cliff Asness essay (2025) on AQR's "Cliff's Perspective." Read on aqr.com.