Institutions & Sources
Howard Marks memos and Oaktree Capital's credit and cycle observations.
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In his latest memo, Howard Marks explores recent attempts to suppress long-term government bond yields. He states clearly that the only sustainable solution is to address the underlying factors driving interest rates higher, even if such measures face political resistance. Any other approach is essentially an attempt to defy the laws of economics, and such attempts have never succeeded.
Read originalIn his latest memo, Howard Marks outlines the evolution of the sub-investment grade credit market from the 1970s to the present, focusing on analyzing the drivers behind the rapid growth of direct lending after the global financial crisis, as well as the related issues brought by the rapid deployment of large-scale capital. He points out that the development of direct lending is deeply tied to that of private equity, and the performance of private equity portfolio companies is the core determinant of whether direct loans will succeed in the future.
Read originalIn a special episode of The Insight: Conversations, Howard Marks shares his reflections on themes from Oaktree Capital's recent client conference. The discussion covers the evolution of credit markets, the nature of asset mispricing, and the importance of leadership.
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