Afleveringen
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In his latest memo, Howard Marks considers what chess can teach investors about the paradox of risk-taking. Drawing on insights from a recent Wall Street Journal article (https://www.wsj.com/sports/chess-teaches-the-power-of-sacrifice-221db7b7) by chess grandmaster Maurice Ashley, Howard explains why not taking enough risk may be one of the riskiest strategies of all.
You can read the memo here (https://www.oaktreecapital.com/insights/memo/the-indispensability-of-risk).
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In his 2020 memo You Bet!, Howard Marks explained what it means to âthink in bets,â as he discussed the many parallels between investing and games of chance. Now you can listen to You Bet!, the first release from The Memo by Howard Marks: The Archive. Weâve received many requests for an audio library of the memos that Howard Marks has published over the last 34 years, so weâre going to begin building this archive by releasing audio versions of some of Howardâs most popular memos.
To hear more about Howardâs thoughts on this memo, listen to his conversation with former professional poker player and best-selling author Annie Duke, whose 2018 book Thinking in Bets was the inspiration for the memo. This special episode (https://www.oaktreecapital.com/insights/insight-podcast/market-commentary/the-insight-conversations-special-episode-with-annie-duke-and-howard-marks) of the The Insight: Conversations with Howard and Annie was released in December 2023.
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In this special episode of Behind the Memo, Howard Marks is joined by journalist and financial historian Edward Chancellor to discuss ideas from Howardâs recent memo, Easy Money, which was inspired by Edwardâs book, The Price of Time: The Real Story of Interest. They explore the history of interest rates, the profound impact theyâve had on financial markets, and the potential dangers of keeping them too low.
You can listen to "Easy Money" in the prior episode in this feed.
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In his latest memo, Howard Marks considers what financial history can teach us about periods of easy money, the impact they have on investor behavior, and what happens when they end. He analyzes macroeconomic trends using insights from Edward Chancellorâs latest book The Price of Time: The Real Story of Interest to argue that weâre unlikely to soon see the return of the permissive investment climate that prevailed in recent decades.
The memo is read by LJ Ganser.
You can read the memo here (https://www.oaktreecapital.com/insights/memo/easy-money).
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What is a ânormalâ investment environment? What might a recession in 2024 mean for liquid credit? Whatâs happening in life sciences lending today? Find out by listening to the latest episode of The Insight: Conversations with Howard Marks (Co-Chairman), David Rosenberg (Co-Portfolio Manager, Global Credit), and Aman Kumar (Co-Portfolio Manager, Life Sciences Lending). They discuss topics from the December edition of The Roundup: Top Takeaways from Oaktreeâs Quarterly Letters and consider what investors should focus on as we enter 2024 â and what remains unknowable.
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Howard Marks (Co-Chairman) and Armen Panossian (Head of Performing Credit) discuss topics related to Howardâs latest memo, Further Thoughts on Sea Change, and Oaktreeâs recently published Performing Credit Quarterly 3Q2023 in this crossover episode of The Insight: Conversations and Behind the Memo. They consider the implications of the potential sea change reshaping the investment environment, the tail risks building in todayâs markets, and what it means to be in a full return world.
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In his latest memo, Howard Marks provides a follow-up to Sea Change (https://www.oaktreecapital.com/insights/memo/sea-change), his thought-provoking memo published in December 2022. He argues that the trends he highlighted in the original memo collectively represent a sweeping alteration of the investment environment that calls for significant capital reallocation. Further Thoughts on Sea Change was originally sent exclusively to Oaktree clients on May 30, 2023. All market data cited in this memo is as of May 30, 2023.
The memo is read by LJ Ganser.
You can read the memo here (https://www.oaktreecapital.com/docs/default-source/memos/further-thoughts-on-sea-change3dda4540-569f-4415-9a5b-004fbabf06d4.pdf?sfvrsn=c3cc5166_3).
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How have credit investors been successfully navigating the volatile interest rate environment? Which sectors currently look attractive to opportunistic credit investors? What are some of the major misconceptions about todayâs commercial real estate market? In this episode of The Insight: Conversations, Wayne Dahl (Assistant Portfolio Manager, Global Credit), Robert OâLeary (Portfolio Manager, Global Opportunities), and Mark Jacobs (Co-Portfolio Manager, Real Estate Income) discuss topics from the September edition of The Roundup: Top Takeaways from Oaktreeâs Quarterly Letters (https://www.oaktreecapital.com/insights/insight-commentary/market-commentary/the-roundup-top-takeaways-from-oaktrees-quarterly-letters-september-2023-edition) and explain what it means to be in a credit pickerâs market.
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In the latest episode of Behind the Memo, Howard discusses his recent memo: Fewer Losers, or More Winners? He details the inspiration for the memo and explains why investors â like tennis players â need to consider their skill level, aspirations, and risk tolerance when asking themselves a fundamental question: Should I go for more winners, or try to avoid the losers?
You can listen to Fewer Losers, or More Winners? in the prior episode or read it here (https://www.oaktreecapital.com/insights/memo/fewer-losers-or-more-winners).
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In his latest memo, Howard Marks discusses the essential choice in both investing and sports: should you go for more winners or try to eliminate losers? That is, should you emphasize aggressiveness or defensiveness? This is a key decision that every investor has to make thoughtfully, and the answer can be different for each person.
The memo is read by LJ Ganser.
You can read the memo here (https://www.oaktreecapital.com/insights/memo/fewer-losers-or-more-winners).
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Learn about the current state of European credit and the dramatic changes seen over the last year in this thought-provoking discussion with Armen Panossian (Head of Performing Credit), Madelaine Jones (Portfolio Manager, European Senior Loans and European High Yield Bonds), and Nael Khatoun (Head of European Private Debt). They consider the challenges created by the end of the easy money era, risks posed by geopolitics and artificial intelligence, and the quality advantage that exists in European markets.
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Armen Panossian (Head of Performing Credit), Danielle Poli (Assistant Portfolio Manager, Global Credit), and Megan Messina (Head of CLO Capital Markets) discuss topics from the 2Q2023 Performing Credit Quarterly. They consider the current tug-of war between fiscal and monetary policy, opportunities in credit, and what many investors are getting wrong about todayâs CLO market.
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In his latest memo, Howard Marks discusses five market calls heâs made during his career. He argues that investors seeking to take the temperature of the market should focus on understanding prevailing market psychology and the nature of cycles. Just as importantly, they should learn to control their own emotions and have the humility to know when not to make a call.
The memo is read by LJ Ganser.
You can read the memo here (https://www.oaktreecapital.com/docs/default-source/memos/taking-the-temperature.pdf?sfvrsn=93bb5366_6).
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David Rosenberg, co-portfolio manager of Oaktreeâs U.S. and Global High Yield strategies, and Howard Marks discuss topics from the June 2023 edition of The Roundup. They consider the evolution of the high yield bond market, investor optimism and why this time might actually be different in financial markets.
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In the first episode of Oaktreeâs new podcast, Armen Panossian (Head of Performing Credit) and Howard Marks (Co-Chairman) discuss key takeaways from the 1Q2023 Performing Credit Quarterly, including the potential ramifications of the recent banking turmoil, opportunities in private credit and a possible rise in distress. As part of the discussion, they explore Howardâs memo Lessons from Silicon Valley Bank.
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In his latest memo, Howard Marks discusses the significance of the Silicon Valley Bank collapse. He argues that it likely doesnât portend a wave of banking failures but may amplify preexisting wariness among investors and lenders, leading to further credit tightening and additional pain across a range of industries and sectors.
The memo is read by LJ Ganser.
You can read the memo here (https://www.oaktreecapital.com/insights/memo/lessons-from-silicon-valley-bank).
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Howard looks back on several memos heâs written near major turning points in the market over the last few decades, from the bursting of the dot-com bubble to the pandemic-driven crisis in early 2020. He considers what an investor should â and shouldnât â focus on when making a market call.
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Howard is joined by Bruce Flatt, CEO of Brookfield, for a discussion of Ditto, which was originally published on January 7, 2013. They examine the distinction between price and value and consider how investors might gain a competitive advantage today. This episode was recorded in November 2022.
The memo is read by LJ Ganser.
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