Get my next post the minute it drops.

Howard Marks is not a passing commentator. He co founded Oaktree Capital Management and built his name by navigating credit cycles with a cool head. His memos are written for serious investors who want judgement rather than slogans. Warren Buffett has previously said they are the first thing he reads when they land in his inbox, which gives a sense of how widely they are respected.

Entrepreneurship is a signal to the world of who you are. When you step into that arena, you step into the wild circus. Competitors will try everything and all the time to tear you down. Customers can destroy your reputation in a few keystrokes. Sometimes the worst threats come from the inside. People you hire and learn to trust can turn toxic. They erode culture, poison the team, and drain energy faster than any competitor.

Digital transformation is not just about technology. It’s about changing the way you work and think. When done right, it boosts efficiency, cuts costs, and opens new revenue streams.

Waiting feels like prudence. It gives everyone the chance to breathe and carry on as ‘normal’. It also creates a structural disadvantage that is hard to see in the moment and plain to see a year later. By the time the path looks safe, other firms have already done the hard miles inside their own systems. They have learned where value lives and where it does not. They have rewired dull pieces of process that never make the press release but decide the outcome.

Are we in an AI bubble? Evidence in 2025 points to a large investment boom with visible froth, but not yet a confirmed bubble. The pattern mirrors past infrastructure overbuilds such as the railways and fibre optics, where capacity arrived before demand, valuations overshot reality, and corrections followed. Those corrections were painful but productive, leaving behind assets that enabled long-term growth.

The Rogue Entrepreneur Path to Building What Others Said Was Impossible

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