The Folly of Certainty

 Memo to: Oaktree Clients From: Howard Marks R e: The Folly of Certainty The impetus for my memos can come from a wide variety of sources., It’ll be another of my “shortie” memos given the potentially limited shelf life of the Biden campaign., One is the extreme brevity of the financial memory. ” I often cite this factor, too., While these memos were on one of my favorite topics, they generated little response., Similarly, this past Saturday’s women’s final match at Wimbledon has provided a snippet for this memo.

Further Thoughts on Sea Change_JPN

最後に、「金融に関する記憶の極端な短さ（ the extreme brevity of the financial memory ）」と いうジョン・ケネス・ガルブレイス（ John Kenneth Galbraith ）の言葉を紹介しよう。

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.”

Direct Lending: Benefits, Risks and Opportunities

Any offer of securities or funds may only be made pursuant to a confidential private placement memorandum, subscription documents and constituent documents in their final form.The term “Oaktree®” used herein refers to Oaktree Capital Management, L.P.™ or its affiliates, individually or collectively, as the context requires.This document is being provided on a confidential basis solely for the information of those persons to whom it is given.

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.

Gimme Credit

Ever since interest rates got up off the floor in 2022, there’s been increased interest in credit, and that’s why I’m devoting this memo to it., I’ve written so much about this that I’m not going to belabor it further (see my memo Ruminating on Asset Allocation, October 2024), but I’m always available to talk., Credit Versus Equities I’ve written about equity valuations – primarily referencing the Standard & Poor’s 500 – as recently as this January in my memo On Bubble Watch., March 6, 2025 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.

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.

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Behind the Memo - What Really Matters?

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

In Howard's recent memo Sea Change, he wrote, “We've gone from the low-return world of 2009-21 to a full-return world, and it may become more so in the near term….