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The Roundup - Top Takeaways from Oaktree Conference 2024

The Roundup Top Ta ke aways from Oaktree Conference 2024 Insights Howard Marks Co-Chairman Insights 2 2.

Mr. Market Miscalculates_TC

保留所有權利關注我們：備忘錄：致橡樹資本（ Oaktree ）的客戶發信人：霍華德·馬克斯（ Howard Marks ）主題： “市場先生”誤算本傑明·格雷厄姆（ Benjamin Graham ）是沃倫·巴菲特（ Warren Buffett ）在哥倫比亞商學院的老師，他在 1949 年首次出版的《聰明的投資者》（ The Intelligent Investor ）一書中，引入了一個被其稱之為「市場先生」的角色：試想一下，你花費 1,000 美元持有某非上市企業的少量股權。

Dare to Be Great II

All Rights Reserved Memo to: Oaktree Clients From: Howard Marks Re: Dareto Be Great II In September 2006, I wrote a memo entitled Dare to Be Great, with suggestions on how institutional investors might approach the goal of achieving superior investment results.

The Race Is On

Memo to: Oaktree Clients From: Howard Marks Re: The Race Is On I’ve written a lot of memos to clients over the last 24 years – well over a hundred.

The Folly of Certainty

The Roundup: Top Takeaways from Oaktree’s Quarterly Letters - March 2024 Edition

Stocks Continue to Underperform Source: Bloomberg 6 Emerging Markets Equities: Piling On Frank Carroll Portfolio Manager, Emerging Markets Equities Janet Wang Co-Portfolio Manager, Emerging Markets Equities The current market narrative about the “uninvestability” of China reminds us of a recent comment from our co-chairman Howard Marks: “If you have two piles of assets – one with things that everyone loves, that are priced well and performing well, and the other with assets that everyone dislikes, that have poor price performance and are believed to be troubled – you have to ask yourself where will you find the best opportunities?”, To paraphrase another quote from Howard, we prefer to buy things when they’re on sale, not after they’ve been marked up., Private credit based on Oaktree observations in the market, as of February 29, 2024. 3 Oaktree Co-Chairman Howard Marks discussed this view in detail in his recent memo, Easy Money. 4 This refers to the yield-to-two-year-call. 5 Based on Oaktree observations in the market, as of February 29, 2024. 6 Bank of America, as of January 5, 2024. 7 JP Morgan, as of February 14, 2024. 8 Based on estimates from industry peers, as of October 26, 2023. 9 Real Capital Analytics, as of February 29, 2024. 10 Refinitiv Global Focus Convertible Bond Index (USD Hedged), FTSE All-World Total Return Index (Local Currency), as of December 31, 2023. 11 Bloomberg, as of January 31, 2024. 12 BofA Global Research, as of December 31, 2023. 13 BofA Global Research, as of December 31, 2023. 14 MSCI China Index, as of January 31, 2024

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

Plus, we’ve included an excerpt from one of Howard Marks’s recent memos. 1 Market Outlook:Systemic or Systematic?, Howard Marks Co-Chairman The well-publicized credit episodes of the last few months aren’t an indictment of the whole sub-investment grade debt market, or the whole private credit market.

December 2023 Edition - The Roundup

The Roundup Top Ta ke aways from Oaktree’s Quarterly Letters Insights Howard Marks Co-Chairman Insights 2 2.

2021 Year-End Book Recommendations

2 0 2 1 y e a r - e n d b o o k r e c o m m e n d at i o n s A Short History of Financial Euphoria by John Kenneth Galbraith howard marks Co-Chairman This short book provides a very good description of the way market participants’ psychology swings to extremes.

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