How We Invest

THE LIBRARY

What they actually said.

Investor memos, fund letters and industry research are scattered across PDFs nobody indexes. This is the layer above them: each document reduced to its argument and the figures it cites, dated, attributed, and linked to the original in full. Ask it what someone claimed about credit in 2022 and you get the claim and the source, not a paraphrase.

22

Extracted claims

4

Documents read

9

Live topics

Automatic ticker apparatus, NYSE central control · Library of Congress · public domain

Series

HOWARD MARKS • SINCE 1990

Oaktree Memos

Howard Marks has written memos to Oaktree clients since 1990. They are published free and in full by Oaktree; what follows is an index with extracted arguments, not a copy.

4 INDEXED/8 CATALOGUED

By person

The same documents grouped by who wrote them. A person's page also carries what their firm reported holding, which is the comparison the series view cannot show.

Howard Marks

22

Co-Chairman, Oaktree Capital Management • 4 indexed

By topic

Every claim carries topic tags, so a topic page collects what different documents said about the same thing across time.

Bubbles

6

What separates a bubble from a bull market, and whether the distinction is usable in real time.

Regime Change

6

Shifts large enough that strategies calibrated to the old environment stop working.

Credit Cycles

6

Lending standards, default rates, and how credit availability drives the wider cycle.

AI Disruption

6

AI as an operating reality for businesses, distinct from AI as a trade.

Interest Rates

4

The rate environment as the input that reprices every other asset.

Valuation

4

What is being paid for a stream of cash, and against what history.

Capital Flows

4

Where money is going, how fast, and what it does to standards when it arrives.

Cycles

3

Where in a cycle a market sits, and what that implies about forward returns.

Concentration

1

How much of an index, a return, or a portfolio rests on how few names.