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OAKTREE CAP'S LATEST MEMO FROM CHAIRMAN HOWARD MARKS The Race Is On

TSP_TransferTSP_Transfer
edited November 2013 in Fund Discussions
Always a good read
"Over the last 2-3 years, my motto for Oaktree has been consistent: “move forward, but with caution.” I feel the outlook is not so bad, and asset prices are not so high, that it’s time to apply maximum caution (or, as they said in The Godfather, “go to the mattresses”). But by the same token, the outlook is not so good, and asset prices are not so low, that we should be aggressive. That’s the reason for my middling stance.

Having said that, however, there’s no doubt in my mind that the trend is in the direction of increased risk, and I see no reason to think that trend will be arrested anytime soon. Risk is likely to reach extreme levels someday – it always does, eventually – and great caution will be called for. Just not yet."

http://www.oaktreecapital.com/MemoTree/The Race Is On_2013_11_26.pdf

Comments

  • kevindowkevindow
    Thanks for the link ! I always enjoy reading his thoughtful letters. And I continue to entertain buying some Oaktree Capital (OAK), which has performed well since inception.

    Kevin
  • scott
    Trimmed OAK a little, but the remainder is a very long-term holding. (note: for those considering it it does result in a K-1 due to being an MLP.)
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