Sea Change

Regular readers of my memos know that my observations regarding the investment environment are primarily based on impressions and inferences rather than data., People who came into the business world after 2008 – or veteran investors with short memories – might think of today’s interest rates as elevated., December 13, 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., 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

The Memo: Economic Reality

The Memo: Risk Revisited Again

Behind the Memo - The Illusion of Knowledge

Behind the Memo - Sea Change

Insights

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What’s Oaktree Reading? 2024 Year-End Book Recommendations

Troubled: A Memoir of Foster Care, Family, and Social Class by Rob Henderson Todd Molz Chief Operating Officer Rob Henderson’s memoir details his tumultuous upbringing with a drug-addicted mother and an absent father, moving through ten foster homes before being adopted., His memoir offers a fascinating perspective on the relative importance of class, family stability, and privilege in today’s world.

1999-04-15-hows-the-market

A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: HowardMarks Re: How's the Market?, 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.

2000-11-16-investment-miscellany

A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: HowardMarks Re: Investment Miscellany Because I've been encouraged by the response to my “bubble. com” and venture capital memos, I'm going to keep writing., Glassman's name may be familiar to you, because my memo of May 1, 2000 took issue with “Dow 36,000,” a book he co-authored., 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.

2007-02-14-the-race-to-the-bottom

But there are other ways to cheapen your money, and they’re the primary subject of this memo, Now, I am no expert on the UK mortgage market, and it’s my intention in this memo to comment on general capital market trends, not any one sector., As is often the case, I could have made this a shorter memo by simply invoking my two favorite quotations, both of which have a place here., The first is the extreme brevity of the financial memory., This memorandum is being made available for educational purposes only and should not be used for any other purpose.