Performing Credit Quarterly 1Q2023: Flight Risk

As our co-chairman Howard Marks noted in his most recent memo: When investors think things are flawless, optimism rides high and good buys can be hard to find.

Leaning Toward Value: Emerging Markets Equities After the Pandemic

Howard Marks, our co-chairman, penned these lines in his recent memo “Something of Value” (January 11, 2021), critiquing the often oversimplified distinction between value and growth investing.

The Memo: Investing Without People

The Memo: You Bet!

Behind the Memo - Easy Money with Howard Marks and Edward Chancellor

Behind the Memo - On Bubble Watch

Selling Out

As I’m now in my fourth decade of memo writing, I’m sometimes tempted to conclude I should quit, because I’ve covered all the relevant topics., Then a new idea for a memo pops up, delivering a pleasant surprise., Origins Much of what I’ll write here got its start in a 2015 memo called Liquidity., That memo evoked the strongest reaction from readers of any of my memos to date., This memorandum is being made available for educational purposes only and should not be used for any other purpose.

The Indispensability of Risk

That’s why I’ve written a memo comparing investing to sports in each of the four decades I’ve been writing memos and one connecting investing and card playing in 2020., Few people know that Bruce is a chess player, and I hadn’t thought about this fact for years, but the article provided a good reminder and moved me to dash off this memo., Relevant lessons from sports (included in past memos) are easily accessed and also very helpful: “You miss 100% of the shots you don’t take.” – Wayne Gretzky, NHL Hall of Famer “You have to give yourself a chance to fail.” – Kenny “The Jet” Smith, two-time NBA champion I’ll sum up with a paragraph from my memo of last September, Fewer Losers, or More Winners?, April 17, 2024 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.

2004-10-06-hedge-funds-a-case-for-caution

A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: Howard M a r k s R e : HedgeFunds:ACaseforCaution Onceuponatime there was an asset class., UThe New Solution This memo’s about hedge funds., I think they also exhibit many of the traits associated with the venture capital boom described on page one of this memo, including widespread investor participation., A l l R i g h t s R e s e r v e d magnitude of the hedge fund movement, a memo on the subject has become inevitable., This memorandum is being made available for educational purposes only and should not be used for any other purpose.

2005-04-11-oaktree-at-ten

 Memo to: OaktreeClients From: Howard M a rks Re: OaktreeatTen OaktreeCapital Management, LLC opened its doors ten years ago, on April 10, 1995.