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The Lessons of Oil

All Rights Reserved Memo to: Oaktree Clients From: Howard Marks Re: The Lessons of Oil I want to provide a memo on this topic before I – and hopefully many of my readers – head out for year- end holidays.

Mysterious

All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: Mysterious Most of the time, my memos have their origin in something interesting that’s happening in the world or in a series of events I come across that I think can be interestingly juxtaposed.

Mr. Market Miscalculates

It's Greek to Me

Memo to: OaktreeClients From: Howard M a r k s R e : It’sGreekto Me In the early part of this decade, I reviewed a few books for the Sunday Los Angeles Times., Here’s how guest contributor and hedge fund analyst Andrew Marks (also my son) sums up current sentiment: Sovereign debt has become like fiat currency, as it is supported only by people’s willingness to believe in other people’s willingness to refinance it.

Selling Out_TC

The Winds of Change

All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks R e: The Winds of Change The last 20 months have been a most unusual period, thanks primarily to the pandemic, yet many things feel like they haven’t changed over that time span.

Thinking About Macro

All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: Thinking About Macro For a piece of information to be desirable, it has to satisfy two criteria: it has to be important, and it has to be knowable. – Warren Buffett Regular readers of my memos know that Oaktree and I approach macro forecasts with a high degree of skepticism., Back in the 1970s, an elder told me, “an economist is a portfolio manager who never marks to market,” and that description still seems highly appropriate.

PCQ 3Q2024

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

The Winds of Change_SC

Easy Money

All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks R e: Easy Money The backstory: I began writing these memos in 1990 and continued to do so for ten years despite never receiving a single response., This is a familiar theme that frequently marks the turn of the cycle from benign to nasty.

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