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Something of Value_TC

Getting Lucky

Memo to: Oaktree Clients From: Howard Marks Re: Getting Lucky Sometimes these memos are inspired by a single event or just one thing I read.

Performing Credit Quarterly 3Q2022

As Howard Marks recently wrote in his memo The Illusion of Knowledge, few, i f a n y, i n vestors have the ability to consistently and profitably predict macroeconomic trends.

Transcript - Dissecting the Dual Economy

And credit markets have really enjoyed this, what our chairman Howard Marks referred to as sea change in interest rates over the last few years as yields have risen.

On Bubble Watch_TC

OCQ 1Q2025

Trade policy is a new variable for investors to contend with, but as Howard Marks recently reminded us ‘‘ t h e r e ’s no such thing as foreknowledge here, just complexity and uncertainty, and we must accept that as true.’’

Risk Revisited Again

All Rights Reserved Memo to: Oaktree Clients From: Howard Marks Re: Risk Revisited Again The operators of racetracks take a dim view of bettors who engage in “past-posting”: trying to get a bet down after the race is over (and the horses are “past the post”).

I Beg to Differ_TC

The Winds of Change_TC

So Much That's False Nutty

A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: Howard M a r k s R e : SoMuchThat’sFalseand Nutty As reported in The New York Times of May 5, Warren Buffett told the crowd at this year’s Berkshire Hathaway annual meeting: There is so much that’s false and nutty in modern investing practice and modern investment banking., For his graduation from college this year, Andrew Marks wrote an insightful thesis on the behavior that gave rise to the credit crisis.

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