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Behind the Memo - On Bubble Watch - Transcript

1 Transcript Insights Behind the Memo - On Bubble Watch Harry Whitelaw Hello, and welcome to Behind the Memo with Howard Marks., Howard Marks We l l , I t h i n k t h a t ’s right, Harry., Howard Right., Howard My favorite., Howard Right.

PCQ 4Q2023

While this could happen, we believe – to quote our co-chairman Howard Marks – that this all “smacks of Goldilocks thinking.”, High Yield Bonds Yield Spread Tightening 10-Year Treasury Note Decline in Yield B a s i s P o i n t s 4Q2023 Insights 2 Winds of Change Over the last few decades, arguably no financial market tailwind was stronger than declining and ultra-low interest rates – as Howard Marks has written about extensively over the last year., As Howard recently noted in his memo Easy Money: Low interest rates made it: • easy to run a business, with the stimulated economy growing unabated for more than a decade; • easy for investors to enjoy asset appreciation; • easy and cheap to lever investments; • easy and cheap for businesses to obtain financing; and • easy to avoid default and bankruptcy., As Howard recently noted: I’ve seen Goldilocks thinking in play a few times over the course of my career, and it rarely holds for long.

The Seven Worst Words in the World

All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: The Seven Worst Words in the World I have a new book coming out next week titled Mastering the Market Cycle: Getting the Odds on Your Side., In the current financial environment, the number “ten” has taken on particular significance:  This month marks the tenth anniversary of Lehman Brothers’ bankruptcy filing on September 15, 2008, and with it the arrival of the terminal melt-down phase of the Crisis

Go Figure

Which Way Now

Conversations - Full Return World - Transcript

1 Transcript Insights The Insight: Conversations – Full Return World with Howard Marks and Armen Panossian Anna Hello and welcome to a crossover episode of Behind the Memo and The Insight by Oaktree Capital., I’m pleased to be joined by Howard Marks, Oaktree’s co-chairman and Armen Panossian, Oaktree’s Head of Performing Credit and incoming co-CEO., Howard Thank you, Anna., Howard Ye s ., Howard One more comment, Anna.

Behind the Memo - Easy Money - Transcript

1 Transcript Insights Behind the Memo – Easy Money with Howard Marks and Edward Chancellor Anna Szymanski Hello and welcome to Behind the Memo with Howard Marks., Howard Marks Thank you, Anna., Howard Glad to do so., Howard Ye s ., Howard Thank you.

Special Editions Navigating Cycles

Howard and I have been partners since 1987, and together we have lived through three very pronounced credit cycles., Stone, a co-founding member of Oaktree in 1995, established TCW’s High Yield Bond department with Howard Marks in 1985 and ran the department for ten years., Marks at Citibank for two years where he performed credit analysis and managed high yield bond portfolios.

How Quickly They Forget

Memo to: Oaktree Clients From: Howard Marks Re: How Quickly They Forget In January 2004 I received a letter from Warren Buffett (how’s that for name dropping?)

Déjà Vu All Over Again

Memo to: OaktreeClients From: Howard Marks Re: DéjàVuAll Over Again What good is history?

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