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The Folly of Certainty

Memo to: Oaktree Clients From: Howard Marks R e: The Folly of Certainty The impetus for my memos can come from a wide variety of sources.

The Impact of Debt_TC

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：債務的影響我的合夥人布魯斯·高樹（ Bruce Karsh ）最近向我分享了一篇關於國際象棋的報紙文章，我以此為靈感寫下了短篇備忘錄《富貴險中求》（ The Indispensability of Risk ）。

Performing Credit Quarterly 3Q2020

To borrow from our Co-Chairman Howard Marks, “When uncertainty is high, asset prices should be low, creating high prospective returns that are compensatory.

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。

Gimme Credit_TC

Cockroaches in the Coal Mine_SC

Whats Going on in Private Credit

Performing Credit Quarterly 3Q2024: Who Are the Lenders Now?

As Howard Marks often reminds us, investors should always be conscious of where we are in the market cycle – but never make bets based on macroeconomic predictions

Conversation at Panmure House

All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: Conversation at Panmure House I recently was asked by Patrick Schotanus of Edinburgh Business School to participate in their inaugural symposium on the subject of cognitive economics., * * * Patrick Schotanus: Hello, Howard., I got a note from Nick Train of Lindsell Train in London, saying something like, “I disagree with you, Howard: this isn’t a pendulum., PS: Howard, once again, thank you very much for sharing your insights with us, and we hope to welcome you in person one day in Panmure House.

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