The Insight by Oaktree Capital lets you know what Oaktree leaders think are the most important things for investors to focus on today. The Insight provides you with audio versions of many popular Oaktree publications so that you can learn about trends impacting a wide variety of asset classes. And it features conversations with many of Oaktree’s leading experts, including Howard Marks, about relative value, investment theory, and the market environment. The Insight goes beyond today’s market chatter to offer up engaging and sometimes contrarian thoughts on investing today.
Performing Credit Quarterly 4Q2023 - The Goldilocks Trap
In the latest Performing Credit Quarterly, Armen Panossian (Head of Performing Credit) and Danielle Poli (Assistant Portfolio Manager, Global Credit) discuss the “Goldilocks thinking” prevalent in today’s markets, highlighting the potential pitfalls and opportunities it’s creating. At a time when several long- and short-term economic tailwinds appear to be weakening, they consider the risk of assuming that everything will be just fine.You can read the 4Q2023 PCQ here (https://www.oaktreecapital.com/insights/insight-commentary/market-commentary/performing-credit-quarterly-4q2023-the-goldilocks-trap).
1/30/2024 • 44 minutes, 12 seconds
Conversations - Walking into the Unknown with Howard Marks, David Rosenberg, and Aman Kumar
What is a “normal” investment environment? What might a recession in 2024 mean for liquid credit? What’s happening in life sciences lending today? Find out by listening to the latest episode of The Insight: Conversations with Howard Marks (Co-Chairman), David Rosenberg (Co-Portfolio Manager, Global Credit), and Aman Kumar (Co-Portfolio Manager, Life Sciences Lending). They discuss topics from the December edition of The Roundup: Top Takeaways from Oaktree’s Quarterly Letters and consider what investors should focus on as we enter 2024 – and what remains unknowable.
1/4/2024 • 35 minutes, 13 seconds
The Roundup: Top Takeaways from Oaktree’s Quarterly Letters – December 2023 Edition
In 2023, credit markets have experienced dramatic swings in investor sentiment, unexpected geopolitical events, and the second consecutive year of rising interest rates. In the current installment of The Roundup, Oaktree experts consider where opportunities and risks are emerging in various assets classes – including high yield bonds, CLOs, and European real estate – and co-chairman Howard Marks considers what “normal” may mean in this unsettled environment.You can read The Roundup here (https://www.oaktreecapital.com/docs/default-source/default-document-library/december-2023-edition-roundup.pdf?sfvrsn=d67b5166_8).
12/14/2023 • 20 minutes, 44 seconds
Conversations – Special Episode with Annie Duke and Howard Marks
Special guest Annie Duke (former professional poker player, best-selling author) joins Howard Marks to discuss ideas from her book Thinking in Bets and Howard’s memo You Bet! They explore luck, decision quality, uncertainty, and more in this special episode of The Insight: Conversations.
12/6/2023 • 51 minutes, 35 seconds
Conversations – Full Return World with Howard Marks and Armen Panossian
Howard Marks (Co-Chairman) and Armen Panossian (Head of Performing Credit) discuss topics related to Howard’s latest memo, Further Thoughts on Sea Change, and Oaktree’s recently published Performing Credit Quarterly 3Q2023 in this crossover episode of The Insight: Conversations and Behind the Memo. They consider the implications of the potential sea change reshaping the investment environment, the tail risks building in today’s markets, and what it means to be in a full return world.
11/2/2023 • 31 minutes, 2 seconds
Performing Credit Quarterly 3Q2023 - Tails, You Lose?
In the latest Performing Credit Quarterly, Oaktree argues that investors analyzing today’s leveraged credit markets should focus less on average risk and more on tail risk, as this segment of the market is currently much more vulnerable than usual. Armen Panossian (Head of Performing Credit) and Danielle Poli (Assistant Portfolio Manager, Global Credit) explore the risks and opportunities for credit investors if this tail risk becomes a tail reality.You can read the 3Q2023 PCQ here (https://www.oaktreecapital.com/docs/default-source/default-document-library/performing-credit-quarterly-3q2023.pdf?sfvrsn=6bf05166_3).
10/26/2023 • 41 minutes, 8 seconds
Conversations – Credit Picker’s Market with Wayne Dahl, Robert O’Leary, and Mark Jacobs
How have credit investors been successfully navigating the volatile interest rate environment? Which sectors currently look attractive to opportunistic credit investors? What are some of the major misconceptions about today’s commercial real estate market? In this episode of The Insight: Conversations, Wayne Dahl (Assistant Portfolio Manager, Global Credit), Robert O’Leary (Portfolio Manager, Global Opportunities), and Mark Jacobs (Co-Portfolio Manager, Real Estate Income) discuss topics from the September edition of The Roundup: Top Takeaways from Oaktree’s Quarterly Letters (https://www.oaktreecapital.com/insights/insight-commentary/market-commentary/the-roundup-top-takeaways-from-oaktrees-quarterly-letters-september-2023-edition) and explain what it means to be in a credit picker’s market.
10/5/2023 • 29 minutes, 25 seconds
The Roundup: Top Takeaways from Oaktree’s Quarterly Letters – September 2023 Edition
We may be in the first act of what could be a long drama unfolding across markets, as companies face the prospect of higher-for-longer borrowing costs and investors adjust to a new environment in which rigorous credit analysis, not inexpensive debt, will likely be the key to generating superior returns. In the current installment of The Roundup, Oaktree portfolio managers look beyond headline numbers and economic noise to identify the trends reshaping opportunity sets today.You can read The Roundup here (https://www.oaktreecapital.com/docs/default-source/default-document-library/september-2023-edition-roundup.pdf).
9/26/2023 • 19 minutes, 22 seconds
Conversations – European Credit at a Turning Point
Learn about the current state of European credit and the dramatic changes seen over the last year in this thought-provoking discussion with Armen Panossian (Head of Performing Credit), Madelaine Jones (Portfolio Manager, European Senior Loans and European High Yield Bonds), and Nael Khatoun (Head of European Private Debt). They consider the challenges created by the end of the easy money era, risks posed by geopolitics and artificial intelligence, and the quality advantage that exists in European markets.
9/7/2023 • 42 minutes, 8 seconds
Conversations – Fighting the Fed with Armen Panossian, Danielle Poli, and Megan Messina
Armen Panossian (Head of Performing Credit), Danielle Poli (Assistant Portfolio Manager, Global Credit), and Megan Messina (Head of CLO Capital Markets) discuss topics from the 2Q2023 Performing Credit Quarterly. They consider the current tug-of war between fiscal and monetary policy, opportunities in credit, and what many investors are getting wrong about today’s CLO market.
8/8/2023 • 33 minutes, 55 seconds
Performing Credit Quarterly 2Q2023 - Fighting The Fed
The U.S. economy continues to send mixed messages – but that may be because the Biden administration’s desire to keep the economy churning has clashed with the Federal Reserve’s interest in throwing sand in the gears. In Oaktree’s latest Performing Credit Quarterly, Armen Panossian (Head of Performing Credit) and Danielle Poli (Assistant Portfolio Manager, Global Credit) discuss the implications for investors, including why this tug-of-war may cause interest rates to remain higher for longer than many are anticipating.
7/27/2023 • 43 minutes, 21 seconds
Conversations – This Time Might Be Different with Howard Marks and David Rosenberg
David Rosenberg, co-portfolio manager of Oaktree’s U.S. and Global High Yield strategies, and Howard Marks discuss topics from the June 2023 edition of The Roundup. They consider the evolution of the high yield bond market, investor optimism and why this time might actually be different in financial markets.
6/27/2023 • 33 minutes, 37 seconds
The Roundup: Top Takeaways from Oaktree’s Quarterly Letters – June 2023 Edition
Oaktree believes the investment environment may be undergoing a dramatic change, not simply a cyclical fluctuation. In the current installment of The Roundup, Oaktree portfolio managers explore the changes we’re already seeing in credit markets and consider what may lie ahead. What catalysts might widen the distressed liquid credit universe? How is the life sciences direct lending landscape evolving? How can real estate debt investors take advantage of the trends reshaping the market? Explore these and many other questions, and hear an excerpt from Howard Marks’s recent memo to clients.
6/21/2023 • 23 minutes
Conversations – Cutting Through the Economic Noise with Wayne Dahl
Oaktree Investment Risk Officer Wayne Dahl explains why economic statistics can tell conflicting stories and what this means for credit investors trying to make sense of today’s noisy data.
5/25/2023 • 35 minutes, 27 seconds
Performing Credit Quarterly 1Q2023 – Flight Risk
When a period of easy money comes to an abrupt end, simmering risks typically erupt, as we recently saw in the banking sector. Armen Panossian (Head of Performing Credit) and Danielle Poli (Head of the Product Specialist Group) explain why they believe more pockets of stress will likely burst as credit conditions tighten – and why this will benefit bargain hunters.
In the first episode of Oaktree’s new podcast, Armen Panossian (Head of Performing Credit) and Howard Marks (Co-Chairman) discuss key takeaways from the 1Q2023 Performing Credit Quarterly, including the potential ramifications of the recent banking turmoil, opportunities in private credit, and a possible rise in distress. As part of the discussion, they explore Howard’s memo Lessons from Silicon Valley Bank.
