The Insight by Oaktree Capital

To celebrate the 35th anniversary of his memos, Howard Marks recently held a fireside chat for Oaktree employees. Listen to an excerpt from the conversation to hear Howard discuss why he started writing and why he’s kept at it, and learn more about the enduring investment truths encapsulated by his memos.

In the latest episode of The Insight: Conversations, Oaktree experts assess the bifurcation in equity and credit markets today, examine dislocation in the healthcare sector, and take a closer look at the recent resurgence of activity within commercial real estate. Steve Tesoriere (Co-Portfolio Manager, Value Opportunities), Olivia Guthorn (Managing Director, Global Opportunities), and Justin Guichard (Co-Portfolio Manager, Real Estate Debt) explore these topics and more from the recently published edition of The Roundup: Top Takeaways from Oaktree’s Quarterly Letters.

In the latest episode, Armen Panossian (Co-CEO and Head of Performing Credit) and David Rosenberg (Co-Head of Liquid Performing Credit) assess today’s credit markets, including where pockets of relative value may be found, how a global approach can benefit investors, and why public and private credit markets are converging.

In the latest episode of The Insight: Conversations, Oaktree experts examine the recent volatility in the credit markets, discuss shifting perceptions of European credit, and take a closer look at asset-backed finance. Justin Quaglia (Managing Director, Credit Trading), Madelaine Jones (Portfolio Manager, European High Yield Bonds and Senior Loans), and Christopher Gray (Managing Director, Structured Credit) explore these topics and more from the recently published edition of The Roundup: Top Takeaways from Oaktree’s Quarterly Letters.

In the latest episode, we assess the state of the public and private credit markets, looking at the current balance of supply and demand and considering the risks and opportunities for investors. Join Wayne Dahl (Co-Portfolio Manager, Global Credit) and Suzana Perić (Managing Director, Sourcing & Origination) as they discuss topics from the recently published Oaktree Credit Quarterly 1Q2025: Gridlock.

In celebration of Oaktree’s 30th anniversary on April 10, 2025, cofounders Howard Marks (Co-Chairman), Bruce Karsh (Co-Chairman and Chief Investment Officer), and Sheldon Stone (Principal and Co-Portfolio Manager, High Yield Bonds) held a fireside chat for employees where they shared stories about Oaktree’s origins and the firm’s journey over the last three decades. We’re excited to share an excerpt from their conversation.

What do elevated interest rates mean for private equity? Why is demand for junior capital solutions growing? What is the impact of the current supply/demand imbalance in asset-backed finance? In the latest episode of The Insight: Conversations, Matt Wilson (Co-Portfolio Manager, Special Situations), Christina Lee (Co-Portfolio Manager, U.S. Private Debt), and Jennifer Marques (Head of Strategy and Structuring, Structured Credit) discuss topics from the recently published edition of The Roundup: Top Takeaways from Oaktree’s Quarterly Letters.

Why have liability management exercises (LMEs) soared in prominence? What are the risks and opportunities associated with these transactions? And what factors determine successful navigation of the LME wave? Join Armen Panossian (Co-CEO and Head of Performing Credit), Ronnie Kaplan (Portfolio Manager, U.S. Senior Loans), and Ross Rosenfelt (Managing Director, Opportunistic Credit) as they discuss topics from the recently published Oaktree Credit Quarterly 4Q2024: The LME Wave.

Why have Treasury yields remained higher for longer and what does this mean for credit investors? What are the potential impacts of the historic stimulus recently announced in China? And what is the current outlook for income-generating real estate? In the latest episode of The Insight: Conversations, Danielle Poli (Assistant Portfolio Manager, Global Credit), Julio Herrera (Portfolio Manager, Emerging Markets Debt), Mark Jacobs (Co-Portfolio Manager, Real Estate Income), and Todd Molz (Chief Operating Officer) discuss topics from the recently published edition of The Roundup: Top Takeaways from Oaktree’s Quarterly Letters. You can listen to the December 2024 edition of The Roundup in the previous episode in this feed, or read it here (https://www.oaktreecapital.com/insights/insight-commentary/market-commentary/the-roundup-top-takeaways-from-oaktree-s-quarterly-letters-december-2024-edition).

Amid a strong U.S. economy and potentially inflationary policies from the incoming administration, yields may remain higher for longer. High-income assets will likely benefit, but investors should avoid complacency, particularly given the unpredictability of macroeconomic factors. In the current installment of The Roundup, Oaktree experts examine the risks and opportunities in various asset classes, from financing solutions for life sciences companies and signs of stabilizing real estate valuations to the implications of China’s stimulus measures and the recent surge in convertible bond issuance. You can read The Roundup here (https://www.oaktreecapital.com/docs/default-source/default-document-library/december-2024-edition-roundup.pdf?sfvrsn=c6d95466_5).

In the latest episode of The Insight: Conversations, Armen Panossian (Co-CEO and Head of Performing Credit), Brendan Beer (Co-Portfolio Manager, Structured Credit and Asset-Backed Finance) and Jennifer Marques (Head of Strategy and Structuring, Asset-Backed Finance) discuss topics from the recently published Performing Credit Quarterly 3Q2024: Who Are the Lenders Now? They examine the current state of the credit markets, narrowing in on the evolution of one growing area of private credit, asset-backed finance. They explore the shifting lender base of this unique asset class, assess how ABF differs from corporate direct lending, and look at several prominent sectors within this broad universe.

In the latest Performing Credit Quarterly, Armen Panossian (Co-CEO and Head of Performing Credit) and Danielle Poli (Assistant Portfolio Manager, Global Credit) explore the next frontier of private credit: asset-backed finance. They discuss how major regulatory changes are causing traditional lenders to retrench from the space, leaving a significant financing void. They also look at several other trends affecting credit markets, including the first Fed cut of the cycle, the return of M&A and LBO activity, and the rise of PIK within private credit. You can read the 3Q2024 PCQ here (https://www.oaktreecapital.com/docs/default-source/default-document-library/pcq-3q2024.pdf?sfvrsn=89935466_5).

Where are we currently in the credit cycle? Why might issuers be delaying their day of reckoning? And how are investors using demographic shifts to find new opportunities in the real estate market? In the latest episode of The Insight: Conversations, Robert O’Leary (co-CEO), Steve Tesoriere (Co-Portfolio Manager, Value Opportunities), Kenya Williams (Senior Real Estate Product Specialist), and Nicole Adrien (Chief Product Officer and Global Head of Client Relations) discuss these and other topics from the recently published edition of The Roundup: Top Takeaways from Oaktree’s Quarterly Letters. You can listen to the September 2024 edition of The Roundup in the previous episode in this feed, or read it here (https://www.oaktreecapital.com/insights/insight-commentary/market-commentary/the-roundup-top-takeaways-from-oaktree-s-quarterly-letters-september-2024-edition).

The Federal Reserve’s highly telegraphed interest rate cut in September has created a new market dynamic: interest rates are set to moderate, but perhaps not enough to help many companies still facing extraordinary debt burdens. In the current installment of The Roundup, Oaktree experts, including co-CEO Robert O’Leary, explore various topics related to the evolving investment landscape, including the increasing prevalence of liability management exercises, demographic shifts creating opportunities in the real estate market, and much more. You can read The Roundup here (https://www.oaktreecapital.com/docs/default-source/default-document-library/september-2024-edition-roundup.pdf?sfvrsn=713e5566_3).

In this special edition of The Insight: Conversations, we’re airing an excerpt from the private credit panel held at Oaktree’s recent biannual client conference in London on May 15, 2024. Key members of Oaktree’s private credit platform discuss how the asset class has evolved in recent years and where it may be heading next. They explore the dramatic growth of private capital, the evolving relationship with traditional lenders, and the expanding opportunities in asset-backed finance.

The disparity between the haves and the have-nots has widened meaningfully in the U.S. economy over the last year. As a result, healthy aggregate macroeconomic indicators have often obscured the weakness building among pockets of the population. In the latest episode of The Insight: Conversations, Armen Panossian (Co-CEO and Head of Performing Credit) and Wayne Dahl (Co-Portfolio Manager, Global Credit) consider how this dual economy is impacting credit investors as they discuss topics from the recently published Performing Credit Quarterly 2Q2024: The Dual Economy (https://www.oaktreecapital.com/insights/insight-commentary/market-commentary/performing-credit-quarterly-2q2024-the-dual-economy).

In the latest Performing Credit Quarterly, Armen Panossian (Co-CEO and Head of Performing Credit) and Danielle Poli (Assistant Portfolio Manager, Global Credit) discuss how conflicting trends in the bifurcated U.S. economy are sending mixed signals and creating challenges for both central bankers and investors. They discuss the potential implications for credit investors and how many companies with unstable capital structures may no longer be able to keep kicking the can down the road if interest rates remain elevated and pockets of the economy weaken. You can read the 2Q2024 PCQ here (https://www.oaktreecapital.com/docs/default-source/default-document-library/pcq-2q2024.pdf?sfvrsn=73d75566_3).

In a special edition of The Insight: Conversations, you’ll hear excerpts from multiple sessions held during Oaktree’s recent biannual client conference. Oaktree co-chairman Howard Marks does a deep dive into his sea change thesis, members of Oaktree’s Global Credit team examine the most significant trends impacting the high yield bond and leveraged loan markets, and Oaktree’s Opportunistic Credit team explores key themes reshaping today’s restructuring environment.

Oaktree recently held its biennial client conference featuring presentations from co-chairman Howard Marks, co-CEOs Robert O’Leary and Armen Panossian, and many other key Oaktree thought leaders. In a special edition of The Roundup, we’ve highlighted various topics discussed at Oaktree Conference 2024, including the next frontier of private credit, dislocation in India’s corporate debt markets, and the potentially once-in-a-generation opportunity in commercial real estate.

Where are we in the market cycle? Why is it healthy to be uncertain? And what does it mean to actually “be opportunistic”? In the latest episode of The Insight: Conversations, Howard Marks (Co-Chairman), Armen Panossian (Co-CEO), and David Rosenberg (Head of Liquid Performing Credit) discuss these and other topics from the recently published Performing Credit Quarterly 1Q2024: Unusually Uncertain. You can listen to the Performing Credit Quarterly 1Q2024 in the prior episode in this feed.