Login Press Contact Us Careers Home About Investors Strategies People Insights Memos from Howard Marks Oaktree Insights Videos Podcasts Home> Insights Insights Subscribe Memos from Howard Marks The Memo: The Winds of Change The last 20 months have taught us to question everything. What is the future of work? Can American democracy survive? Will Baby Boomers keep consuming more than their fair share? And what comes after “trillion”? Howard Marks’s latest memo examines paradigm shifts that could reshape the economy, markets and the world for many years to come. Read Memo View Archive of Memos Oaktree Insights Market Commentary Global Opportunity Knocks: The Evolution of Distressed Investing Oaktree has been closely associated with distressed investing for almost three decades. But we now believe the term is too narrow to describe what has become an expansive style spanning continents and investment areas. Bruce Karsh, Robert O’Leary and Pedro Urquidi – the leaders of the Global Opportunities team – discuss the transformation of the distressed opportunities universe and the changing face of Oaktree’s flagship platform. Performing Credit Quarterly 3Q2021 Transitory or persistent? Oaktree’s latest Performing Credit Quarterly explores the inflation debate. No one knows how long inflation will remain elevated. But objectively considering arguments on both sides may help credit investors better understand today’s markets and the opportunities this uncertain environment could create. Food and Beverage Investment: Finding the Special (Situations) Sauce Executing complex investments in the food and beverage industry can be like cooking a complicated meal: it requires sourcing, preparation, technique and, above all, experience. Oaktree experts discuss this evolving industry and the “special sauce” investors might use to potentially capitalize on opportunities in today’s uncertain environment. More Market Commentary Special Editions Commemorating 25 Years of Mastering the Market Cycle We’re pleased to mark Oaktree’s 25-year anniversary with this timeline of key milestones of our firm alongside major events of the global economy. Risks and Opportunities in EM amid a Global Slowdown How are today’s volatile market environment and a global economic slowdown affecting the emerging markets? What are the risks and opportunities for EM-focused investors? Read Oaktree’s latest Special Edition for perspectives on those questions and more. It’s Not Supposed to be Easy: How Oaktree Strives to Add Value in Uncertain Times This Special Edition Insights focuses on the myriad ways Oaktree investment professionals seek to add value to investments in today’s uncertain environment. More Special Editions Strategy Primers Direct Lending: Benefits, Risks and Opportunities Direct lending has grown dramatically in the past decade, providing funding to middle-market companies and offering investors the potential for attractive returns with significant downside protection. In the latest Insights piece, Oaktree experts break down the benefits, risks and opportunities in this dynamic area. Investing in Structured Credit In this Oaktree Insights paper, Co-Portfolio Managers Justin Guichard and Brendan Beer, along with Product Specialist Clark Koury, provide an overview of the structured credit asset class. They cover the dynamics and developments of the market segment and highlight what they view as merits of the asset class. Investing in Mezzanine Debt In this Oaktree Insights paper, Bill Casperson and Raj Makam (Co-Portfolio Managers in the Middle-Market Finance Group) discuss the important role mezzanine capital providers play in growth- and acquisition-related financings in the North American middle market. They also provide an overview of Oaktree's investment strategy and our perspective on the asset class. More Strategy Primers Videos About Our Strategies Real Estate Income Strategy Oaktree’s Real Estate Income strategy seeks to provide stable income, with an emphasis on long-term growth and downside protection. Watch Portfolio Manager Mark Jacobs describe key elements that drive his team’s investment decisions. Structured Credit Strategy Oaktree’s Structured Credit strategy is grounded in rigorous credit analysis and a strict focus on downside protection. Watch Portfolio Managers Justin Guichard and Brendan Beer describe the cornerstones of our structured credit investing. Real Estate Debt Strategy In this video, Portfolio Manager Justin Guichard describes the cornerstones of Oaktree’s Real Estate Debt strategy, including the primacy of downside protection and a focus on proactive asset management. More About Our Strategies videos Conversations with Portfolio Managers Insights Live: Performing Credit Quarterly 3Q2021 The U.S. economic recovery is slowing, inflation is rising, and concerns about China’s property sector are escalating. In the latest video in Oaktree’s Insights Live series, Danielle Poli discusses these risks and many others with David Rosenberg (Global Credit, High Yield Bonds), and Wayne Dahl (Portfolio Construction & Risk Management). While they caution against complacency, they also explain why it’s not all doom and gloom for credit investors today. Insights Live: Performing Credit Quarterly 2Q2021 Navigating today’s uncertain market environment requires flexibility, especially the freedom to invest in both liquid and illiquid credit. In the latest installment of our Insights Live video series, Danielle Poli discusses the illiquid side of this equation with Raj Makam (Direct Lending) and Milwood Hobbs, Jr. (North American Sourcing & Origination). They review the benefits and lesser-known risks of direct lending and ask whether the pandemic taught investors the wrong lessons. Is Anything on Sale? Discussing Today’s Global Credit Markets Is anything on sale? Some of Oaktree’s top global credit experts recently sat down to discuss where they believe they’re finding value in sub-investment-grade asset classes. This Insights video provides highlights from this event led by Oaktree Co-Chairman and Chief Investment Officer Bruce Karsh. More Conversations with Portfolio Managers videos Our Communities Matter Our Communities Matter In 2015, Oaktree commemorated its 20th anniversary by launching a special initiative, Our Communities Matter (OCM), to formalize the Company’s long-standing tradition of supporting our communities. Through this program, Oaktree and its employees are able to dedicate their time and resources to numerous meaningful and much-needed community initiatives across the globe. Podcasts The Memo by Howard Marks On October 12, 1990, Co-Chairman Howard Marks published his first memo to clients. In the decades since, he has periodically released memos reflecting his viewpoint on the investment landscape, as well as more general business insights. On this podcast we'll hear the latest memos by Howard, released in tandem with or shortly after their publication. 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