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Further Thoughts on Sea Change (Audio)

In his latest memo, Howard Marks provides a follow-up to Sea Change, his thought-provoking memo published in December 2022.

Something of Value (Audio)

Howard Marks writes in his latest memo how he views the art and science of value investing, especially in the increasingly efficient and complex world we face today.

Sustainability in Action: Expanding Oaktree’s Business Principles

As our Co-Chairman Howard Marks would say, it’s “the most important thing.”

The Roundup: Top Takeaways From Oaktree's Quarterly Letters - 3Q2022

Being able to identify where we stand in a cycle – and the likelihood of a turn – is critical if investors wish to adjust their risk postures appropriately and “tilt the odds in their favor,” as Howard Marks has written., Plus, as a bonus, we’ve included an unreleased excerpt from Howard’s recent interview about assessing risk posture. 1 Risk Posture: It Depends Howard Marks Co-Chairman Determining the appropriate risk posture for a given point in time is more complex than most people think.

Commemorating 25 Years of Mastering the Market Cycle

.• 1978: Howard Marks, working for Citibank, meets Michael Milken, a pioneer in issuing and trading high yield bonds., Shortly thereafter, Howard moves from New York to Los Angeles., The same year, Sheldon and Howard move from Citi to TCW and establish the firm’s high yield bond department, The year marks the start of the end of the Cold War., Howard Marks: We stand strongly for incorporating risk control in our portfolios, even in good times.

The Roundup: Top Takeaways From Oaktree's Quarterly Letters - 2Q2022

That’s why Oaktree has long emphasized what Howard Marks calls “second-level thinking” – i.e., asking complex questions, eschewing simple answers, and challenging conventional thinking., As Howard has often said, if investors want to be above average, including in bad times, then they need to be willing to think differently., In today’s uncertain environment, we’re reminded of a quote from Warren Buffett that Howard included in his memos It’s All Good (July 2007) and The Tide Goes Out (March 2008): “It’s only when the tide goes out that you find out who’s been swimming naked.”

About

Our Story 1899 Brookfield founded as owner-operator of essential assets 2001 Expands into asset management for third parties 2004 Launches real estate debt fund 2016 Launches infrastructure debt fund Howard Marks starts investing in the nascent high yield bond market 1978 Bruce Karsh joins Marks to commence distressed debt investments 1988 Oaktree is founded, starting with seven strategies, including high yield bonds and opportunistic credit 1995 Launches performing private credit and grows multi-asset credit 2000s Scales structured credit and private credit, 2010s Brookfield and Oaktree establish partnership, bringing total credit AUM to ~$109B1 2019 2019-25 Accelerated credit platform growth via strategic partnerships with high-quality, specialized managers—emphasizing the expansion of asset-backed finance capabilities Angel Oak Castlelake LCM Partners Primary Wave 17Capital Pinegrove Brookfield’s entry into the insurance business accelerates its development of credit capabilities 2020 Launch of Brookfield Investment Solutions Group 2025 Brookfield/Oaktree integration helps create comprehensive, global alternative credit platform 2026 1899 Brookfield founded as owner-operator of essential assets 1978 Howard, Marks starts investing in the nascent high yield bond market 1988 Bruce Karsh joins Marks to commence distressed debt investments 1995 Oaktree is founded, starting with seven strategies, including high yield bonds and opportunistic credit 2001 Expands into asset management for third parties 2000s Launches performing private credit and grows multi-asset credit 2004 Launches real estate debt fund 2010s Scales structured credit and private credit 2016 Launches infrastructure debt fund 2019 Brookfield, Howard Marks Co-Chair " When we partnered with Oaktree, we joined forces with one of the world’s most respected credit investors – strengthening our ability to continue delivering long-term value for our investors."

The Roundup: Top Takeaways from Oaktree’s Quarterly Letters – March 2025 Edition

Plus, we’ve included an excerpt from Howard Marks’s 2024 year-end letter to clients. 1 Market Outlook:Unpredictability Howard Marks Co-Chairman Trends in investor psychology are impossible to predict, and no one should ever think they know what will happen in that regard.

What’s Going on in Private Credit?

In his latest memo, Howard Marks discusses the evolution of the sub-investment grade credit market from its beginnings in the 1970s to its present state.

What’s Going on in Private Credit? (Audio)