What’s Oaktree Reading? 2024 Year-End Book Recommendations

Troubled: A Memoir of Foster Care, Family, and Social Class by Rob Henderson Todd Molz Chief Operating Officer Rob Henderson’s memoir details his tumultuous upbringing with a drug-addicted mother and an absent father, moving through ten foster homes before being adopted., His memoir offers a fascinating perspective on the relative importance of class, family stability, and privilege in today’s world.

The Memo: Economic Reality

The Memo: Risk Revisited Again

Behind the Memo - Sea Change

Behind the Memo - The Illusion of Knowledge

Sea Change

Regular readers of my memos know that my observations regarding the investment environment are primarily based on impressions and inferences rather than data., People who came into the business world after 2008 – or veteran investors with short memories – might think of today’s interest rates as elevated., December 13, 2022 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

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.

1993-02-15-the-value-of-predictions-or-where'd-all-this-rain-come-from

A l l R i g h t s R e s e r v e d Memo to: Clients From: HowardMarks,TCW Re: TheValueof Predictions, or Where'd All This Rain Come From?, The motivation for this memo came as I considered the extraordinary amount of precipitation the West has experienced this year -- and newspaper articles of a couple of months ago., A l l R i g h t s R e s e r v e d 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.

2006-01-19-risk

But I think that tells so little of the story that I’ve decided to devote an entire memo to the subject of risk. 0BUWhy Does Risk Matter?, Rick Funston said in the article that prompted this memo, “. . . you need comfort that the . . ., A l l R i g h t s R e s e r v e d 13 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.

2007-04-26-everyone-knows

I’ve been saving up ideas for a memo about how often the investing herd is wrong and accepted wisdom should be bet against., The Best Companies in America As readers of these memos know, I first worked in the Investment Research Department of First National City Bank (now Citibank) in 1968., To avoid the trap in residential real estate, one needed a memory of events that occurred more than ten years earlier, the ability to understand their implications, and the discipline to resist joining the herd., 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.