If there’s one investment truth that’s held up through market crashes, pandemics, and political upheaval, it’s this: nobody knows what’s going to happen next. And few have made a better case for embracing that reality than Howard Marks in his memo-turned-masterclass, Nobody Knows (Yet Again) (you can also listen to the memo here).

Marks, co-founder of Oaktree Capital and widely admired in the investment community, revisits familiar territory—uncertainty—but with fresh urgency. He draws on three pivotal market crises: the 2008 Global Financial Crisis, the COVID shock of 2020, and now, in 2025, the return of Donald Trump and the market tremors caused by sweeping U.S. tariffs. Each crisis serves as a reminder that even the smartest analysts and best models can’t predict how these stories will unfold.

And that’s the point.

As Marks sees it, the goal of the investor isn’t to predict the future. It’s to understand what might happen, assess the risks and rewards, and act with reason—even when everyone else is paralysed by fear.

In this memo, you won’t find stock tips or predictions. Instead, you’ll find wisdom. Marks doesn’t pretend to know what’s coming next, and that humility is exactly why his message resonates. He warns against the false safety of inaction (“doing nothing” is still a decision), and reminds us that opportunities often hide in uncertainty—if we’re willing to act logically, not emotionally.

For readers of The Prosperity Pages, this isn’t just a worthwhile read—it’s a timely one. Marks reminds us that investing isn’t about certainty—it’s about discipline, courage, and keeping your head when others are losing theirs.