The Insight: Conversations – Performing Credit Quarterly 1Q2023

Howard Marks’s latest memo explores recurring investment themes to contextualize the current market correction and the bull market that preceded it. He discusses the role played by financial innovations like SPACs and cryptocurrencies and why he believes psychology, not fundamentals, primarily drives investment cycles – and likely always will. The memo is read by LJ Ganser.You can read the memo here (https://www.oaktreecapital.com/docs/default-source/memos/bull-market-rhymes.pdf?sfvrsn=df8b4b66_9).

26 Touko 202244min

Howard reflects on this memo (https://www.oaktreecapital.com/docs/default-source/memos/lines-in-the-sand.pdf) originally published on April 18, 2017. Following up on his classic memo You Can’t Eat IRR (https://www.oaktreecapital.com/docs/default-source/memos/2006-07-12-you-cant-eat-irr.pdf), he discusses why financial innovations that can artificially boost IRRs, like subscription lines, should be treated cautiously and why no single performance metric tells the whole story. The memo is read by LJ Ganser.

28 Huhti 202244min

In the latest episode of Behind the Memo, Howard discusses the origins and important themes of his recent memo, The Pendulum in International Affairs. Howard explains why one of his favorite metaphors – the pendulum – can help investors understand psychology, markets and foreign policy.You can listen to The Pendulum in International Affairs in the prior episode or read it here (https://www.oaktreecapital.com/docs/default-source/memos/the-pendulum-in-intl-affairs.pdf?sfvrsn=53b17666_7).

31 Maalis 202221min

Howard Marks’s latest memo connects two seemingly unrelated trends – Europe’s energy dependence and U.S. offshoring – to explain why the pendulum of companies’ and countries’ behavior may be swinging away from globalization and toward onshoring. This shift will likely create risk for investors but also opportunities.The memo is read by LJ Ganser.You can read the memo here (https://www.oaktreecapital.com/docs/default-source/memos/the-pendulum-in-intl-affairs.pdf).

23 Maalis 202229min

Howard reflects on this memo originally published on June 20, 2012. He discusses why understanding mistakes – both your own and others’ – is key to superior investing. He’s joined by Bob O’Leary, Global Co-Portfolio Manager of Oaktree’s Global Opportunities strategy.You can read the memo here (https://www.oaktreecapital.com/docs/default-source/memos/2012-06-20-its-all-a-big-mistake.pdf?sfvrsn=17bb0f65_2).The memo is read by LJ Ganser.

24 Helmi 202253min

Listen to the first episode of our new series Behind the Memo, in which Howard breaks down his latest memo, discussing its origins, themes and key insights. In Selling Out, published on January 13, 2022, Howard explains why staying invested is usually the most important thing. You can listen to Selling Out in the prior episode or read it here (https://www.oaktreecapital.com/insights/memo/selling-out).

21 Tammi 202232min

Howard Marks’s latest memo considers one of investing’s most fundamental questions: when to sell. Howard explains that it’s foolish to sell because prices are up and because they’re down – and why, most of the time, staying invested is ultimately “the most important thing.”You can read the memo here (https://www.oaktreecapital.com/insights/memo/selling-out). The memo is read by LJ Ganser.

13 Tammi 202235min

Howard reflects on this memo originally published on May 11, 2020.  Writing near the beginning of the Covid-19 crisis, he discusses the power of saying “I don’t know” and the danger of confirmation bias. Drawing on the insights of thinkers from Voltaire to Albert Einstein, Howard explains why he believes having intellectual humility is essential for outstanding investing.  You can read the memo here (https://www.oaktreecapital.com/docs/default-source/memos/uncertainty.pdf).The memo is read by LJ Ganser.

20 Joulu 20211h 1min