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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.
22 Episodes
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What were some of the biggest surprises in credit markets during the first quarter? Why might global convertibles be set for a rebound? And why do many Chinese equities look more attractive today than they did a year ago? In the latest episode of The Insight: Conversations, Robert O’Leary (co-CEO), Armen Panossian (co-CEO), Jean-Pierre Latrille (Portfolio Manager, Global Convertibles), and Janet Wang (Co-Portfolio Manager, Emerging Markets Equities) discuss these and other topics from the recently published edition of The Roundup: Top Takeaways from Oaktree’s Quarterly Letters.You can listen to the March 2024 edition of The Roundup in the previous episode in this feed, or read it here (https://www.oaktreecapital.com/insights/insight-commentary/market-commentary/the-roundup-top-takeaways-from-oaktrees-quarterly-letters-march-2024).
In this installment of The Roundup, you’ll learn what Oaktree’s new co-CEOs, Robert O’Leary and Armen Panossian, think about today’s investment environment. You’ll also find insights about opportunistic credit, asset-backed finance, the Chinese equity market, and more.You can read The Roundup here (https://www.oaktreecapital.com/insights/insight-commentary/market-commentary/the-roundup-top-takeaways-from-oaktrees-quarterly-letters-march-2024).
Learn about the next generation of private credit with Pierre-Antoine de Selancy, Cofounder and Managing Partner of 17Capital. 17Capital, which partnered with Oaktree in 2022, is a market leader in NAV finance. Pierre-Antoine explains what NAV finance is, why it has become so popular, and why its growth is likely to accelerate in the coming years.
Learn all about NAV finance, a rapidly growing segment of the private credit landscape, in this explainer, which was authored by Armen Panossian (Co-CEO and Head of Performing Credit) and Pierre-Antoine de Selancy (Cofounder and Managing Partner, 17Capital). They discuss the evolution of NAV finance, the benefits for both lenders and borrowers, and the area’s dramatic growth in recent years. They argue that NAV finance is likely to play a crucial role in the next generation of private finance.You can read NAV Finance 101 here (https://www.oaktreecapital.com/insights/insight-commentary/education/nav-finance-101-the-next-generation-of-private-credit).
Which macroeconomic tailwinds are weakening and potentially turning into headwinds? Why may it now be easier to find a signal amid the economic noise? And what are the implications for credit investors? In the latest episode of The Insight: Conversations, Armen Panossian (incoming co-CEO and Head of Performing Credit), Danielle Poli (Assistant Portfolio Manager, Global Credit), and Wayne Dahl (Co-Portfolio Manager, Global Credit) discuss these and other topics from the recently published 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).
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.
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).
1Special 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.
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.
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).
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.
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).
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.
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.
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.
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.
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.You can read The Roundup here (https://www.oaktreecapital.com/docs/default-source/default-document-library/the-roundup-june-2023-edition.pdf).
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.
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.
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