special-editon---power-of-credit

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Different

All Rights Reserved Follow us: Memo to: Oaktree Clients Only From: Howard Marks Re: A Different World Our powers and choices are limited in the coronavirus environment, but one thing I can do is communicate., One of the questions I get most frequently concerning my memos is, “How long does it take to write one?”, But I decided on Sunday March 1 that the virus called for a memo, and it was issued on March 3., This memorandum is being made available for educational purposes only and should not be used for any other purpose., This memorandum, including the information contained herein, may not be copied, reproduced, republished, or posted in whole or in part, in any form without the prior written consent of Oaktree

Which Way Now

All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: Which Way Now?, I will borrow from others for the purposes of exposition in this memo, but not because I have reason to believe they’re correct): • The earliest countries to contract the virus have shown good progress., Last June, in my memo This Time It’s Different, I discussed Modern Monetary Theory, which – to simplify – says federal deficits and debt don’t matter., This memorandum is being made available for educational purposes only and should not be used for any other purpose., This memorandum, including the information contained herein, may not be copied, reproduced, republished, or posted in whole or in part, in any form without the prior written consent of Oaktree

BTM Fewer Losers or More Winners

 1 Transcript Insights Behind the Memo: Fewer Losers, or More Winners?, Anna Szymanski Hello, and welcome to Behind the Memo with Howard Marks., And in the memo, you explain it through tennis., And that’s where the title of the memo comes from., Anna I would be remiss if I didn’t ask you about one section of the memo where you include a graph that you’ve had in a num- ber of memos over the years.

March 2024 Edition Roundup

Oaktree Co-Chairman Howard Marks discussed this view in detail in his recent memo, Easy Money. 4.

The Roundup - Top Takeaways from Oaktree Conference 2024

In the beginning of the last credit cycle, when investors were still smarting from the fall- out of the Global Financial Crisis, risk tolerance was extremely low, and few borrowers could obtain leverage greater than six times EBITDA. 19 However, as the cycle progressed, memories of the carnage from 2008-09 began to fade and risk-taking increased.

Mr. Market Miscalculates

I referred them to my 2016 memo On the Couch., It’s highly applicable to the market tremor that inspired this memo., August 22, 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., This memorandum, including the information contained herein, may not be copied, reproduced, republished, or posted in whole or in part, in any form without the prior written consent of Oaktree

The Folly of Certainty

The impetus for my memos can come from a wide variety of sources., It’ll be another of my “shortie” memos given the uncertain shelf life of the Biden candidacy., One is the extreme brevity of the financial memory.”, While these memos were on one of my favorite topics, they generated little response., Similarly, this past Saturday’s women’s final match at Wimbledon has provided a snippet for this memo.

The Memo: Political Reality

2015-06-08-risk-revisited-again

In that vein, it’s been my practice not to rewrite old memos as new developments arise or new ideas strike me., Also in 2006 I wrote Risk, my first memo devoted entirely to this key subject., This memo adds to what I’ve previously written on the topic., While writing the original memo on risk in 2006, an important thought came to me for the first time., Beginning on page 9, you’ll find a section borrowed from a memo I wrote back in 2007.