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☆ Watch CNBC's full interview with Oaktree's Howard Marks on AI, interest rates and more
▼ + stars: | 2024-04-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Oaktree's Howard Marks on AI, interest rates and moreHoward Marks, co-chairman of Oaktree Capital Management, discusses his outlook on the "Magnificent Seven" stocks, interest rates, and how credit should play an important role in portfolios.

Persons: Oaktree's Howard Marks, Howard Marks Organizations: Oaktree Capital Management

☆ 'Every bubble ensues from widespread conviction,' says Oaktree's Howard Marks amid AI boom
▼ + stars: | 2024-04-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'Every bubble ensues from widespread conviction,' says Oaktree's Howard Marks amid AI boomHoward Marks, co-chairman of Oaktree Capital Management, discusses the AI boom and market bubbles, saying "this stuff isn't easy."

Persons: Oaktree's Howard Marks, Howard Marks Organizations: Oaktree Capital Management

☆ The Secrets to Charlie Munger’s Success
▼ + stars: | 2023-11-28 | by ( Jason Zweig | ) www.wsj.com time to read: 1 min

Charlie Munger in 2019 at his home in Los Angeles. Photo: Michael Lewis for The Wall Street JournalBusiness and financial leaders made frequent pilgrimages to Los Angeles to hear Charlie Munger ’s thoughts as he held court while peering through thick eyeglasses over high, rosy cheekbones. Among the attendees at his weekly “Friday lunch club” and periodic dinners were John and Patrick Collison , founders of the online payment firm Stripe; Bobby Kotick , chief executive of videogame company Activision Blizzard ; Pradeep Khosla , chancellor of the University of California, San Diego; Maria Pope , chief executive of Portland General Electric , Oregon’s largest utility; and Howard Marks , co-founder of investment firm Oaktree Capital Management.

Persons: Charlie Munger, Michael Lewis, Charlie Munger ’, John, Patrick Collison, Bobby Kotick, Pradeep Khosla, Maria Pope, Howard Marks Organizations: The Wall Street Journal, Activision Blizzard, University of California, Portland General Electric, Oaktree Capital Management Locations: Los Angeles, San Diego, Portland

☆ How Morgan Stanley exec Ted Pick rose from 'rough edged' deal junkie to CEO
▼ + stars: | 2023-10-25 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +21 min

Editor's note: Morgan Stanley announced on October 25 that Ted Pick would replace James Gorman as CEO. Employees knew they were getting promoted if Pick told them to wear a tie the following day, an ex-managing director recalled. While Morgan Stanley currently trades at a premium among its Wall Street peers, its enviable success isn't thanks to Pick. Gonzalo Marroquin/Patrick McMullan via Getty Images Show less Morgan Stanley investment management head and dark horse in the race for CEO, Dan Simkowitz. Despite enjoying the stock price gains under Gorman's reign, plenty of longtime employees want another dyed-in-the-wool Morgan Stanley loyalist, according to a former senior executive.

Persons: Morgan Stanley, Ted Pick, James Gorman, Pick, Gucci loafers, Blackstone, Tony James, Morgan, Gorman, Andy Saperstein, Dan Simkowitz, John Mack, Ted, James, Phil Purcell, Mack, Purcell, Merrill Lynch, Paul Taubman, Colm Kelleher, coheads, Gonzalo Marroquin, Patrick McMullan, Saperstein, Euromoney, Parker Gilbert, He's, John, cohead, Bolu, Goldman Sachs, Pablo, tony, Betsey Kittenplan, Smith Barney, James cochairs, Jim Breyer, Anna Wintour, John Mack pranking Pick, John Waldron, I'm, Howard Marks, Bill Parcells, atta, Brian Moynihan, aren't, David Solomon, Jamie Dimon's, Eaton Vance, he's, you've, Richard Drew, —, Hayley Cuccinello Organizations: Employees, Archegos Capital Management, Blackstone, McKinsey, Getty, Middlebury College, China Construction Bank, Harvard Business School, Mitsubishi, Wall, Autonomous Research, Anguilla, Agricultural Bank of China, Capital Management, Metropolitan Museum of Art, Vogue, New York Rangers, Oaktree Capital Management, Bloomberg, Staten, Disney, JPMorgan, Trade, AP Locations: China, Beijing, Manhattan, New York City, Caracas, Venezuela, Brookville, tony Long, hcuccinello@insider.com

☆ We're focused on large loans to private companies as banks step away, says Oaktree's Panossian
▼ + stars: | 2023-09-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe're focused on large loans to private companies as banks step away, says Oaktree's PanossianArmen Panossian, incoming Oaktree Capital Management co-CEO, joins 'Squawk on the Street' to discuss how big the private credit market is, what's driving the demand for lending, and the risks associated with the private credit market.

Persons: We're, Oaktree's Panossian Armen Panossian Organizations: Oaktree Capital Management

☆ Meet Ted Pick, the hard-charging 'deal junkie' who rose to the top at Morgan Stanley the old-fashioned way — and looks poised to succeed James Gorman as CEO
▼ + stars: | 2023-08-01 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +20 min

Employees knew they were getting promoted if Pick told them to wear a tie the following day, an ex-managing director recalled. While Morgan Stanley currently trades at a premium among its Wall Street peers, its enviable success isn't thanks to Pick. Succession has traditionally been a bloody sport on Wall Street, and Morgan Stanley is no exception. Gonzalo Marroquin/Patrick McMullan via Getty Images Show less Morgan Stanley investment management head and dark horse in the race for CEO, Dan Simkowitz. Despite enjoying the stock price gains under Gorman's reign, plenty of longtime employees want another dyed-in-the-wool Morgan Stanley loyalist, according to a former senior executive.

Persons: Morgan Stanley, Ted Pick, Pick, Gucci loafers, Blackstone, Tony James, Morgan, James Gorman, Gorman, Andy Saperstein, Dan Simkowitz, John Mack, Ted, James, Phil Purcell, Mack, Purcell, Merrill Lynch, Paul Taubman, Colm Kelleher, coheads, Gonzalo Marroquin, Patrick McMullan, Saperstein, Euromoney, Parker Gilbert, He's, John, cohead, Bolu, Goldman Sachs, Pablo, tony, Betsey Kittenplan, Smith Barney, James cochairs, Jim Breyer, Anna Wintour, John Mack pranking Pick, John Waldron, Goldman, I'm, Howard Marks, Bill Parcells, atta, Brian Moynihan, aren't, David Solomon, Jamie Dimon's, Eaton Vance, he's, you've, Richard Drew, — Organizations: Employees, Archegos Capital Management, Blackstone, McKinsey, Getty, Middlebury College, China Construction Bank, Harvard Business School, Mitsubishi, Wall, Autonomous Research, Anguilla, Agricultural Bank of China, Capital Management, Metropolitan Museum of Art, Vogue, New York Rangers, Oaktree Capital Management, Bloomberg, Staten, Disney, JPMorgan, Trade, AP Locations: China, Beijing, Manhattan, New York City, Caracas, Venezuela, Brookville, tony Long

☆ Oaktree: It's hard to imagine how a recession would be avoided with rates this high
▼ + stars: | 2023-07-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOaktree: It's hard to imagine how a recession would be avoided with rates this highArmen Panossian, Head of Performing Credit and the incoming Co-CEO of Oaktree Capital Management, discusses the markets, the Fed, and private credit.

Persons: Armen Panossian Organizations: Performing Credit, Oaktree Capital Management

☆ Cyanide maker Draslovka mulls equity raise to drive new mining technology
▼ + stars: | 2023-06-30 | by ( Jan Lopatka | ) www.reuters.com time to read: +3 min

REUTERS/Jan LopatkaPRAGUE, June 30 (Reuters) - Cyanide maker Draslovka is considering an equity fundraising worth hundreds of millions of dollars support the roll out of new technology that could help miners slash use of cyanide, its CEO said in an interview on Friday. The privately-held Czech company is the world's leading sodium cyanide maker. It acquired Australian Mining & Process Solutions last year, which developed innovative glycine leaching technology that can cut cyanide usage in mining by about half, depending on the circumstances. Draslovka hopes the technology will spearhead a transformation of the industry, raising its effectiveness and reducing environmental impacts. Bruzek said Draslovka had another 10 similar potential projects lined up by year-end, including a top nickel and cobalt miner.

Persons: Pavel Bruzek Jr, Jan Lopatka, Draslovka, Bruzek, JP Morgan, Barrick, Emma Rumney Organizations: Draslovka, REUTERS, Australian Mining, U.S, Oaktree Capital Management, Partners, Thomson Locations: Prague, Czech Republic, Jan Lopatka PRAGUE, Czech, London, United States, Sasol, South Africa

In 2020, Bain Capital set up a previous global fund after securing $3.2 billion in commitments. The program was previously called Bain Capital Distressed and Special Situations Fund and used to sit within Bain Capital's credit business. Bain Capital's special situations strategy is now a standalone business, after being carved out with an independent team outside the umbrella of the credit unit. Globally, Bain Capital currently has $16 billion of assets under management as part of its special situations strategy. Last year, Bain Capital closed a $2 billion "special situations fund" for Asia Pacific to cover a range of asset types, which included a focus on real estate.

☆ Billionaire investor Howard Marks tells clients he is taking a leave of absence after a recent throat cancer diagnosis: 'I should be fully back in action around mid-summer'
▼ + stars: | 2023-05-04 | by ( Rebecca Ungarino | Kaja Whitehouse | ) www.businessinsider.com time to read: +2 min

Howard Marks told clients that he is taking a leave of absence after a throat cancer diagnosis. Marks, who cofounded Oaktree, said he expects to be "fully back in action around mid-summer." Marks, 77, does not expect "any negative consequences from the treatment, or any lasting limitations on my activities." Billionaire investor and Oaktree Capital Management co-chairman Howard Marks said in a note to Oaktree clients on Wednesday that he is taking a leave of absence while he undergoes treatment after a recent throat cancer diagnosis. "I'm writing to let you know I was recently diagnosed with a relatively common form of throat cancer.

☆ Howard Marks says commercial real estate defaults could add to market stress in the months ahead
▼ + stars: | 2023-04-17 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Market veteran Howard Marks is sounding the alarm on commercial real estate, with an anticipated wave of mortgage defaults set to add stress to the financial system. The longtime investor called commercial real estate loans "one of the biggest worries" U.S. banks face today in the face of higher interest rates and a looming recession. "Higher interest rates call for higher demanded capitalization rates, which will cause most real estate prices to fall," Marks said. To be sure, Marks said he's not sure if banks will suffer losses on their commercial real estate loans, or what the magnitude will be. "Mortgage defaults generally don't signal the end of the story, but rather the beginning of negotiations between lenders and landlords," Marks said.

☆ Howard Marks says rock-bottom rates are history, bitcoin has its uses, and AI won't replace the best investors. Here are his 8 best quotes from a new interview.
▼ + stars: | 2023-04-15 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Howard Marks says interest rates won't return to zero anytime soon. The billionaire investor warns the ballooning US federal debt may cause problems in the future. Marks says AI won't replace the best investors, and the banking fiasco shone a light on bitcoin. (Marks was warning that continued growth in the US federal debt will likely have serious consequences down the line.) It should be harder and harder and harder to run money and be paid highly for producing inferior.

☆ Guest view: Direct lending may be entering new era
▼ + stars: | 2023-04-13 | by ( Armen Panossian | ) www.reuters.com time to read: +5 min

NEW YORK, April 13 (Reuters Breakingviews) - Challenges in the banking system are expanding the opportunities available to direct lenders. I believe direct lenders’ market share will increase significantly in the future due to the substantial mismatch of supply and demand that has emerged in the market for funding large-scale LBOs. Direct lenders, including funds at Oaktree, are now seeking to fill this gap. Not all direct lenders will be able to take advantage of this opportunity, though. This, in turn, is attracting interest and capital from those direct lenders able to fill the massive gap.

☆ How shadow bankers are already emerging as winners in the SVB collapse
▼ + stars: | 2023-03-14 | by ( Rebecca Ungarino | Dakin Campbell | ) www.businessinsider.com time to read: +6 min

But the momentum already behind the secretive private credit space has picked up — fast. He was witnessing a new willingness from borrowers to turn first to private credit, a market that has grown yet generally remains more opaque than its public-market counterparts. "Borrowers used to look at these banks and say, 'Look, the banks, they've been around forever. The private lenders say that privacy is all part of the pitch. Money managers smell opportunityThe momentum already behind the secretive private credit space has gained steam as the SVB collapse pushes companies to consider alternate sources of debt and, on the other side, private credit managers seek out new targets.

☆ The unraveling of fintech darling Vise
▼ + stars: | 2023-03-03 | by ( Stephanie Palazzolo | ) www.businessinsider.com time to read: +28 min

It was April, and more than two dozen salespeople who worked for the fintech startup Vise had been ordered to a multiday off-site at the W Hoboken hotel in New Jersey to share exhaustive reports on their performance. Even salespeople at bigger, established, top-tier investment-management firms typically wouldn't close $250 million in a year, multiple sales employees said. (K-means clustering is an unsupervised machine-learning algorithm often referred to as a form of AI, Vise's founders said). (Vise's founders disputed this, saying the company received updated financial data only once a day for its portfolio-construction engine.) And to address its "leaky funnel" of overestimating prospective sales, Vise was to stop outreach to new clients while it onboards and upsells to existing clients, the document said.

☆ HBCU students diversify alternative investing with the help of Wall Street’s biggest firms
▼ + stars: | 2023-02-17 | by ( Frank Holland | In Frank-Holland | ) www.cnbc.com time to read: +1 min

The AltFinance Fellowship is the brainchild of top alternative investment firms Ares Management, Apollo Global Management and Oaktree Capital Management. Selected students will also receive a scholarship of up to $10,000 if they're sophomores, while juniors and seniors can receive up to $15,000. Partnering schools include Clark Atlanta University, Howard University, Morehouse College and Spelman College. The private equity, private credit and commercial real estate industry has about $10 trillion in assets under management, according to data provider Preqin. "This is not a charitable activity," Howard Marks, co-chairman of Oaktree Capital Management, told CNBC.

☆ Private-equity salaries revealed: Here's how much top firms like Blackstone, KKR, and Oaktree are offering 2024 associates
▼ + stars: | 2023-02-09 | by ( Emmalyse Brownstein | Rachel Durose | ) www.businessinsider.com time to read: +8 min

Some of the most recent private equity recruits will rake in nearly $200,000 in base pay alone. Among the firms recruiting are Bain Capital, Blackstone, and KKR & Co. — three of the largest private-equity firms in the world based on funds raised in the last five years. These private-equity firms, along with others, have increasingly accelerated their recruiting timelines to get ahead of competitors, as Insider previously reported. To woo promising junior talent, private-equity firms offer sky-high salaries and even more enticing bonus propositions, much like in investment banking, from which these firms cull most of their talent. Oaktree Capital ManagementOaktree Capital Management was founded in 1995, and has $170 billion in AUM, according to its website.

☆ Wall Street's biggest investors are all but sure of a recession next year. Here’s where they are hiding out
▼ + stars: | 2022-12-29 | by ( Yun Li | ) www.cnbc.com time to read: +4 min

For investors looking for a way to ride out the storm in one piece, here are where the biggest investors are hiding out. Emerging markets Bond King Gundlach said it's time to buy emerging market stocks as the dollar has likely hit its peak. Cash Cash, one of the most hated corners of the market for years, has gotten some newfound love as risk assets remain stuck in a rout. Buying safe government bonds allows investors to shop for riskier, more opportunistic credits in the market, Gundlach said. Spreads on non-Treasurys have widened, including guaranteed mortgages, junk bond yields, emerging market debt and asset back securities, he added.

☆ Watch CNBC's full interview with Oaktree Capital's Howard Marks
▼ + stars: | 2022-12-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Oaktree Capital's Howard MarksHoward Marks, Oaktree Capital Management co-chairman, joins 'Closing Bell' to discuss the 'sea change' in the market, if the last fourteen years almost a 'bubble' and how investors should prepare for next year.

☆ Returns will be harder to come by moving forward, investor Howard Marks says
▼ + stars: | 2022-12-23 | by ( Samantha Subin | ) www.cnbc.com time to read: +1 min

The market is entering a massive regime shift after about 14 years of easy money and low interest rates, and that could make it harder to find solid returns from some assets, according to Oaktree Capital Management's Howard Marks. During that period, investors have benefited from low rates that created an ideal environment for borrowers and asset owners, the famed investor said on CNBC's " Closing Bell " on Friday. During this time, many investors joined the market, with low-interest rates encouraging demand for riskier assets, Marks said. "It isn't normalcy, and it's not — I don't think — going to be the norm going forward," he said. Going forward, interest rates hovering in this range and higher returns on assets like high-yield bonds should deter investors from buying riskier assets, Marks added.

☆ Should FTX users be viewed as creditors or asset owners? The answer could mean the difference between recovering funds or getting short-changed.
▼ + stars: | 2022-12-22 | by ( Brian Evans | ) www.businessinsider.com time to read: +3 min

Some FTX customers with funds trapped on the exchange want to be viewed as asset owners, the Financial Times reported. Lawyers plan to argue that the funds still held by FTX are "custody" assets that are owned by the users and should be repaid faster. Otherwise, being seen as unsecured creditors could mean waiting longer and only getting a fraction of their money back. Otherwise, being viewed as unsecured creditors could mean waiting longer and only getting a small fraction of their money back. Meanwhile, some FTX users may choose not to wait to see what happens.

☆ Aurizon to sell ECR unit for $285 mln to ease competition concerns
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +1 min

Dec 16 (Reuters) - Aurizon Holdings (AZJ.AX), Australia's largest rail freight operator, said on Friday it will sell its East Coast Rail (ECR) business to Magnetic Rail Group for A$425 million ($284.71 million) in cash. The ORA deal is expected to help Aurizon diversify from coal and add bulk capacity, aiding its transition to greener energy. "The (ECR) sale provides the best outcome for Aurizon and its shareholders, delivering a strong sale price and certainty in completing the divestment," said Managing Director and Chief Executive Officer Andrew Harding. In October, a consortium including private equity firms Oaktree Capital Management and Brookfield bid for Aurizon's ECR operations. read moreSales proceeds from the ECR deal will be used to reduce Aurizon's debt, while Magnetic Rail Group will assume ECR's existing debt.

☆ Howard Marks says we are in the third sea change in his 53-year career on Wall Street
▼ + stars: | 2022-12-13 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Market veteran Howard Marks said higher rates and safer returns are signs of the market's third-ever sea change in his 53-year investing career. Memos from Oaktree Capital Management's Marks have gained a wide following on Wall Street, and even legendary investor Warren Buffett has said he reads them regularly and always learns something from them. Credit investors became able to demand higher returns and better creditor protections," Marks said. The investor warned that because of the sea change, investments that have worked well in the past might start to underperform in the coming years. "That's the sea change I'm talking about."

☆ Here are investing tips from the memo of Howard Marks, which Warren Buffett reads
▼ + stars: | 2022-11-24 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

This year's extreme volatility has kept investors on edge, but market veteran Howard Marks believes that none of the short-term risks should matter. "Investors should find a way to keep their hands off their portfolios most of the time," Marks said in the memo. The S & P 500 has fallen nearly 16% this year. "Consistently buy an S & P 500 low-cost index fund," Buffett said in 2017. "Think of participating in the long-term performance of the average as the main event and the active efforts to improve on it as 'embroidery around the edges,'" Marks wrote.

☆ Rich people don't have a 'lottery mindset,' says CEO—here are 3 things millionaires do differently
▼ + stars: | 2022-11-08 | by ( Trey Lockerbie | ) www.cnbc.com time to read: +2 min

Everyone approaches money differently, and I've always been fascinated by how the world's wealthiest people do it. For starters, rich people don't have a "lottery mindset" — or the belief that there's a shortcut to instant wealth by virtue of random luck. The most financially successful people have a passion for solving puzzles — and they treat the stock market the same way. "Because no one wants to get rich slowly," Buffett replied. Rich people say "no" more than they say "yes."

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