The Roundup: Top Takeaways from Oaktree’s Quarterly Letters - March 2024 Edition

Private credit based on Oaktree observations in the market, as of February 29, 2024. 3 Oaktree Co-Chairman Howard Marks discussed this view in detail in his recent memo, Easy Money. 4 This refers to the yield-to-two-year-call. 5 Based on Oaktree observations in the market, as of February 29, 2024. 6 Bank of America, as of January 5, 2024. 7 JP Morgan, as of February 14, 2024. 8 Based on estimates from industry peers, as of October 26, 2023. 9 Real Capital Analytics, as of February 29, 2024. 10 Refinitiv Global Focus Convertible Bond Index (USD Hedged), FTSE All-World Total Return Index (Local Currency), as of December 31, 2023. 11 Bloomberg, as of January 31, 2024. 12 BofA Global Research, as of December 31, 2023. 13 BofA Global Research, as of December 31, 2023. 14 MSCI China Index, as of January 31, 2024

Thinking About Macro

To invert the Buffett quote that began this memo, the macro future may not be knowable, but it certainly is important., That’s why I’m devoting a memo to a subject I largely disavow., As a result, I wrote a memo saying the market needed a trip to a psychiatrist (On the Couch, January 14, 2016)., I concluded my 2016 memo What Does the Market Know?, The answer lies in the title of a 2002 memo of mine: You Can’t Predict.

1990-10-12-the-route-to-performance

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.

Oaktree Capital Management

Listen memos Oct 22, 2024 Ruminating on Asset Allocation Read memos Oct 22, 2024 Ruminating on Asset Allocation Listen Market Commentary Oct 10, 2024 Looking Beyond the Headlines with Robert O’Leary, Steve Tesoriere, Kenya Williams, and Nicole Adrien Listen Market Commentary Sep 26, 2024 The Roundup: Top Takeaways from Oaktree’s Quarterly Letters – September 2024 Edition Read Market Commentary, Sep 26, 2024 The Roundup: Top Takeaways from Oaktree’s Quarterly Letters – September 2024 Edition Listen memos Sep 19, 2024 Shall We Repeal the Laws of Economics?

Memo Podcast

Memo Podcast

The Memo: On the Couch

Behind the Memo – The Impact of Debt with Howard Marks and Morgan Housel

Behind the Memo - Selling Out

Mr. Market Miscalculates_JPN

上記の不確かな記憶から、ジョン・ケネス・ガルブレイス（ John Kenneth Galbraith ）が金融 市場で陶酔的熱病（ユーフォリア）が広がる最も重要な原因の 1 つとして挙 げた、「金融に関 する記憶の極端な短さ（ the extreme brevity of the financial memory ）」という鋭い指摘を連想 した。

Ruminating on Asset Allocation

When I travel to see clients and spend entire days discussing investing and the markets, memo ideas often pop up., Before I proceed, I want to mention that, from time to time in this memo, I’ll say “generally,” “usually,” or “everything else being equal.”, For the purposes of this memo, however, it might help to think of it as “fixed outcome” investing., The Essential Choice At the outset of this memo, I listed some of the decisions that comprise the asset allocation process., This memorandum is being made available for educational purposes only and should not be used for any other purpose.