What’s Oaktree Reading? 2023 Year-End Book Recommendations

Stay True by Hua Hsu Priya Prasad Bowe Head of ESG Stay True is a beautifully written memoir about friendship and loss set in Northern California in the mid-1990s., The Caliph’s House: A Year in Casablanca by Tahir Shah June Sun Vice President, Infrastructure Investing In this captivating memoir, Tahir Shah chronicles his decision to uproot his family’s life in London in order to purchase an ancient, crumbling mansion in Casablanca.

Performing Credit Quarterly 3Q2022: The Signal and the Noise

As Howard Marks recently wrote in his memo The Illusion of Knowledge, few, if any, investors have the ability to consistently and profitably predict macroeconomic trends.

Direct Lending: Benefits, Risks and Opportunities

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Conversation at Panmure House

In the late ’90s, I wrote a memo called What's It All About, Alpha?, I wrote in one of my memos – maybe it was What’s It All About, Alpha?, In the spring of 2007, I wrote a memo called The Race to the Bottom., PS: I’d like to talk more about the memo Investing Without People., In the memo Investing Without People, there are three sections.

Performing Credit Quarterly 3Q2022

As Howard Marks recently wrote in his memo The Illusion of Knowledge, few, i f a n y, i n vestors have the ability to consistently and profitably predict macroeconomic trends.

What Really Matters?

I’ve gathered a few ideas from several of my memos this year – plus some recent musings and conversations – to form the subject of this memo: what really matters or should matter for investors., What Doesn’t Matter: The Trading Mentality Over the years, my memos have often included some of my father’s jokes from the 1950s, based on my strong belief that humor often reflects truths about the human condition., One of the recurring themes in my memos is the idea that the quality of a decision cannot be determined from the outcome alone., November 22, 2022 Legal Information and Disclosures This memorandum expresses the views of the author as of the date indicated and such views are subject to change without notice., This memorandum is being made available for educational purposes only and should not be used for any other purpose.

Growing the Pie

“Will there still be memos?”, In the January memo, I set forth my view that in the last 10-20 years, the rising economic tide had stopped lifting all boats., In my January memo, I argued at length that capitalism can be credited with much of what made the United States what it is today., A lot of readers enjoyed the story in my January memo about the ten men who drank beer in a bar every night, with each paying according to his ability., This memorandum is being made available for educational purposes only and should not be used for any other purpose.

Not Enough

All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: Not Enough Whatever affects one directly, affects all indirectly., I’ve struggled to write this memo, and for that reason it’s late in coming., I have talked in my memos of the fact that in the latter half of the 20th century, there was an economic “tide that lifted all boats.”

Email Alerts

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Behind the Memo - What Really Matters?