Easy Money

I received excellent feedback on the memo from clients – encouragement that prompted the many memos that have followed., I thank Zach Kessler, a regular memo reader, for sending it., As I asked at the time in my memo There They Go Again . . ., Thus, I wrote as follows in my memo You Can’t Predict., The first is the extreme brevity of the financial memory.

Something of Value

I’ve heard a variety of views, and while I have my own, I don’t want to make it the subject of this memo., The Value Mentality in Action Back in 2017, my memo There They Go Again . . ., My conversations with Andrew over the ten months of the pandemic have represented a “voyage of discovery” and culminated in this memo., I hope you’ll find this memo interesting and helpful, and I wish you all the best in 2021., This memorandum is being made available for educational purposes only and should not be used for any other purpose.

Investing in Real Assets Today

Any offer of securities or funds may only be made pursuant to a confidential private placement memorandum, subscription documents and constituent documents in their final form.

Assessing Relative Value in Credit amid Coronavirus Uncertainty

The further we moved away from the GFC, the less the memory of the dramatic volatility from the crisis resonated with investors.

The Roundup: Top Takeaways From Oaktree's Quarterly Letters - 2Q2022

In today’s uncertain environment, we’re reminded of a quote from Warren Buffett that Howard included in his memos It’s All Good (July 2007) and The Tide Goes Out (March 2008): “It’s only when the tide goes out that you find out who’s been swimming naked.”

Behind the Memo - The Indispensability of Risk with Howard Marks, Bruce Karsh, and Maurice Ashley

The Memo: This Time It's Different

Conversation at Panmure House

In the late ’90s, I wrote a memo called What's It All About, Alpha?, I wrote in one of my memos – maybe it was What’s It All About, Alpha?, In the spring of 2007, I wrote a memo called The Race to the Bottom., PS: I’d like to talk more about the memo Investing Without People ., In the memo Investing Without People, there are three sections.

1994-01-24-random-thoughts-on-the-identification-of-inv-opportunities

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.

2003-03-11-whad-ya-know

A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: Howard M a rks Re: Whad’Ya K n o w ?, I always ask Nancy to read my memos before I send them out., UThe Value of Predictions II The P&I survey reminded me of a memo I wrote in 1996 under the above title., 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.