Throughout the COVID-19 pandemic, investors have eagerly checked the latest memos to clients written by Howard Marks, Co-Chairman of multibillion-dollar asset manager, Oaktree Capital.

Marks recalls the recovery from the 23 March low resulted in the biggest three-day gain in more than 80 years, which built into a rise of 45% by 8 June. In fact, after Marks' note was published, Wall Street closed its best quarter since 1987, so it is timely to review his anatomy of a rally.

You can read the key highlights from Marks' latest memo on Firstlink here and you can read the full Marks Memo on the Oaktree website here.

Howard Marks has presented at the Sohn Hearts and Minds Investment Leaders Conference in 2016 and in 2019.