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The Indispensability of Risk

All Rights Reserved Follow us: M emo to: Oaktree Clients From: Howard Marks Re: The Indispensability of Risk Oftentimes, we’re best able to understand something we’re interested in through analogies that clarify the matter by establishing connections between it and other parts of life.

Oaktree Future Leader 2022

Winners of the case competition will have the opportunity to meet with Howard Marks, Oaktree’s co-founder.

The Outlook for Equities

Memo to: OaktreeClients From: Howard Marks Re: The Outlook for Equities It doesn‟t take much to get me started on a memo.

Liquidity

All Rights Reserved Memo to: Oaktree Clients From: Howard Marks Re: Liquidity My wife Nancy’s accusations of repetitiveness notwithstanding, once in a while I think of something about which I haven’t written much.

What's Going on in Private Credit

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

As a bonus, we’ve also included an excerpt from Howard Marks’s recent memo to clients. 1 Market Outlook: Tug-of-War Howard Marks Co-Chairman The overarching theme of my sea-change thinking is that, largely thanks to highly accommodative monetary policy, we went through unusually easy times in a number of important regards over a prolonged period, but that time is over., Thus, after decades of accommodative monetary policy, cheap debt, and robust equity returns, we may now be entering a new era, as our co-chairman Howard Marks eloquently described in his 2022 memo Sea Change.

Behind the Memo - The Impact of Debt - Transcript

1 Transcript Insights Behind the Memo – The Impact of Debt with Howard Marks and Morgan Housel Anna Szymanski Hello and welcome to Behind the Memo by Howard Marks., So Morgan, Howard, thanks so much for joining me., Howard Marks Great to be here, Anna., Howard We l l , M o rgan, a great observation., Anna Oh, Howard, thank you so much.

The LME Wave

In a recent memo revisiting a subject he wrote about 25 years ago, co-chairman Howard Marks outlines why he believes a bubble is more a psychological state than a quantitative calculation: In my view, a bubble not only reflects a rapid rise in stock prices, but it is a temporary mania characterized by – or, perhaps better, resulting from – the following: highly irrational exuberance (to borrow a term from former Federal Reserve Chair Alan Greenspan), outright adoration of the subject companies or assets, and a belief that they can’t miss, massive fear of being left behind if one fails to participate (‘‘FOMO’’), and resulting conviction that, for these stocks, “there’s no price too high.”, Looking at the S&P 500 today, Howard indicated that while optimism has prevailed in the market for the last two years, the atmosphere isn’t necessarily one of wild exuberance.

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