Howard Marks’ Memo: Too Much Money Chasing Too Few Deals

In investing, the opportunity to buy an asset or make a loan goes to the person who’s willing to pay the highest price, and that means accepting the lowest expected return and shouldering the most risk In 2005-06, Oaktree adopted a highly defensive posture. We sold lots of assets; liquidated larger distressed debt funds and […]

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Goldman Sachs 2018 Midyear Outlook: (Un)Steady as She Goes

In our 2018 Outlook, we discussed six steady factors supporting the outlook: 1) economic growth; 2) equity markets; 3) strong, relatively steady and broad-based earnings growth; 4) regime shift in inflation volatility; 5) low probability of recession; 6) disdain for this rally Also highlighted six unsteady factors threatening the outlook: 1) domestic politics; 2) rise […]

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