Howard reflects on this memo originally published on May 7, 2004. In a discussion that namechecks both psychologist Amos Tversky and tennis great Pete Sampras, Howard explains why too much confidence can be a dangerous thing.

You can read the memo here (https://www.oaktreecapital.com/docs/default-source/memos/2004-05-07-us-and-them.pdf).

The memo is read by LJ Ganser.