The Illusion of Knowledge

It was that lunch that started me thinking about writing yet another memo on the futility of macro forecasting., Together, the lunch and these items inspired this memo’s theme: the reasons why forecasts are rarely helpful., I found Ferguson’s article so relevant to the subject of this memo that I’m including a link to it here., * * * In a 2001 memo called What’s It All About, Alpha?, This memorandum is being made available for educational purposes only and should not be used for any other purpose.

The Roundup: Top Takeaways from Oaktree’s Quarterly Letters - June 2023 Edition

As a bonus, we’ve also included an excerpt from Howard Marks’s recent memo to clients. 1 Market Outlook: Tug-of-War Howard Marks Co-Chairman The overarching theme of my sea-change thinking is that, largely thanks to highly accommodative monetary policy, we went through unusually easy times in a number of important regards over a prolonged period, but that time is over., Thus, after decades of accommodative monetary policy, cheap debt, and robust equity returns, we may now be entering a new era, as our co-chairman Howard Marks eloquently described in his 2022 memo Sea Change.

On the Other Hand

All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: On the Other Hand It often happens that just as I’m about to release a memo, I come across something that absolutely has to be incorporated., I think the topic is very important, so much so that I’m now going to devote a memo to the subject of Fed interest-rate management, A L L R I G H T S R E S E R V E D 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., This memorandum, including the information contained herein, may not be copied, reproduced, republished, or posted in whole or in part, in any form without the prior written consent of Oaktree

Behind the Memo - I Beg to Differ

2023 Oaktree Responsibility Report

Transportation Infrastructure 2023 Oaktree’s Real Estate team began to (a) perform climate risk assessments as part of its diligence process and (b) include a summary of its findings in investment committee memos., Holocaust Memorial Museum in celebration of Jewish American Heritage Month and learned the personal story of a Holocaust survivor.

PCQ 1Q2024

(a memo I thought mattered but which garnered relatively little response), the answers to questions about rate cut details aren’t meaningful, as any impact is likely to disappear within a few months.

Transcript - The Insight Conversations - Howard Marks and Annie Duke

Howard’s 2020 memo, Yo u B e t !, So today we’re going to be talking about ideas from Annie’s book, from Howard’s memos., This idea also features quite prominently in Howard’s memo, Yo u B e t !, I took a look at the memo, Yo u B e t !, Howard I was going to say it was the last memo before lockdown.

The Roundup: Top Takeaways from Oaktree Conference 2024

In the beginning of the last credit cycle, when investors were still smarting from the fallout of the Global Financial Crisis, risk tolerance was extremely low, and few borrowers could obtain leverage greater than six times EBITDA.20 However, as the cycle progressed, memories of the carnage from 2008-09 began to fade and risk-taking increased.

2004-10-06-hedge-funds-a-case-for-caution

A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: Howard M a r k s R e : HedgeFunds:ACaseforCaution Onceuponatime there was an asset class., UThe New Solution This memo’s about hedge funds., I think they also exhibit many of the traits associated with the venture capital boom described on page one of this memo, including widespread investor participation., A l l R i g h t s R e s e r v e d magnitude of the hedge fund movement, a memo on the subject has become inevitable., This memorandum is being made available for educational purposes only and should not be used for any other purpose.

2005-04-11-oaktree-at-ten

 Memo to: OaktreeClients From: Howard M a rks Re: OaktreeatTen OaktreeCapital Management, LLC opened its doors ten years ago, on April 10, 1995.