In May, I wrote a follow-up memo to Sea Change(December 2022) that was shared exclusively with Oaktree clients. In Further Thoughts on Sea Change, I argued that the trends I had highlighted in the original memo collectively represented a sweeping alteration of the investment environment that called for significant capital reallocation. This message has only become more relevant in recent months, so I thought now would be a good time to share this memo with a broader audience.
Th...
