Memos from Howard Marks
The Memo by Howard Marks

Further Thoughts on Sea Change

In his latest memo, Howard Marks provides a follow-up to Sea Change, his thought-provoking memo published in December 2022.  He argues that the trends he highlighted in the original memo collectively represent a sweeping alteration of the investment environment that calls for significant capital reallocation.  This memo was originally sent to Oaktree clients on May 30, 2023.

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