The Calculus of Value
In his latest memo, Howard Marks sets forth the essence of value and price, as well as the critical relationship between the two.| Oaktree Capital
In his latest memo, Howard Marks sets forth the essence of value and price, as well as the critical relationship between the two.| Oaktree Capital
Howard Marks' memo explores the crucial investing question: when to sell? He advises staying invested is key.| Oaktree Capital
In his latest memo, Howard discusses how the recent events surrounding tariffs can have a seismic but unpredictable impact on the global economy. Seismic in that they reflect a fundamental undoing of longstanding norms, and unpredictable in that tariffs would bring untold second- and third-order consequences. He emphasizes that there is no foreknowledge here, with forecasts even less likely to be accurate than usual. Howard considers the response of the financial markets, highlighting the key...| Oaktree Capital
In 2000, Howard Marks warned about market excesses in tech stocks. His new memo revisits market bubbles, emphasizing their psychological nature and current signs.| Oaktree Capital
The Illusion of Knowledge| OaktreeCap
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...| OaktreeCap
Fewer Losers, or More Winners?| OaktreeCap
Sea Change| OaktreeCap
