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Expert Opinion

All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: Expert Opinion In August, I mentioned that I had chosen the title “Political Reality” for my memo in part because of my liking for oxymorons., Radio “shock jocks” like Don Imus and Howard Stern chipped away at standards for language and demeanor, and news and talk shows emulated them.

AI Hurtles Ahead

© 2026 Oaktree Capital Management, L.P All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: AI Hurtles Ahead When I was preparing to write my December memo about artificial intelligence, Is It a Bubble?, framed in terms of me (talk about knowing how to argue a point): Howard, everything you know about investing came from other people.

It’s All Good . . . Really?

A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: Howard Marks Re: It’s All Good . . .

Nobody Knows II

All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: Nobody Knows II I wrote most of this memo over this past weekend, on the heels of the tumultuous seven-day correction.

Nobody Knows (Yet Again)

All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: Nobody Knows (Yet Again) On Monday, September 15, 2008, shortly after the close of the New Yo rk Stock Exchange, Lehman Brothers surprised the world by filing for bankruptcy.

Inspiration from the World of Sports

Mr. Market Miscalculates_SC

保留所有权利关注我们：备忘录：致橡树资本（ Oaktree ）的客户发信人：霍华德·马克斯（ Howard Marks ）主题： “市场先生”误算本杰明·格雷厄姆（ Benjamin Graham ）是沃伦·巴菲特（ Warren Buffett ）在哥伦比亚商学院的老师，他在 1949 年首次出版的《聪明的投资者》（ The Intelligent Investor ）一书中，引入了一个被其称之为“市场先生”的角色：试想一下，你花费 1,000 美元持有某非上市企业的少量股权。

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