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The Insight by Oaktree Capital

Oaktree Capitalart19.com

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.

Episodes

Supply and Demand

In the latest episode, we assess the state of the public and private credit markets, looking at the current balance of supply and demand and considering the risks and opportunities for investors. Join Wayne Dahl (Co-Portfolio Manager, Global Credit) and Suzana Perić (Managing Director, Sourcing & Origination) as they discuss topics from the recently published  Oaktree Credit Quarterly 1Q2025: Gridlock .

May 27, 202524 minEp. 38

30 Years of Oaktree

In celebration of Oaktree’s 30th anniversary on April 10, 2025, cofounders Howard Marks (Co-Chairman), Bruce Karsh (Co-Chairman and Chief Investment Officer), and Sheldon Stone (Principal and Co-Portfolio Manager, High Yield Bonds) held a fireside chat for employees where they shared stories about Oaktree’s origins and the firm’s journey over the last three decades. We’re excited to share an excerpt from their conversation.

May 06, 202522 minEp. 37

Off The Beaten Path

What do elevated interest rates mean for private equity? Why is demand for junior capital solutions growing? What is the impact of the current supply/demand imbalance in asset-backed finance? In the latest episode of  The Insight: Conversations , Matt Wilson (Co-Portfolio Manager, Special Situations), Christina Lee (Co-Portfolio Manager, U.S. Private Debt), and Jennifer Marques (Head of Strategy and Structuring, Structured Credit) discuss topics from the recently published edition of  ...

Apr 08, 202529 minEp. 36

Navigating LMEs with Armen Panossian, Ronnie Kaplan, and Ross Rosenfelt

Why have liability management exercises (LMEs) soared in prominence? What are the risks and opportunities associated with these transactions? And what factors determine successful navigation of the LME wave? Join Armen Panossian (Co-CEO and Head of Performing Credit), Ronnie Kaplan (Portfolio Manager, U.S. Senior Loans), and Ross Rosenfelt (Managing Director, Opportunistic Credit) as they discuss topics from the recently published Oaktree Credit Quarterly 4Q2024: The LME Wave....

Feb 13, 202537 minEp. 35

Conversations: Recalibration with Danielle Poli, Julio Herrera, Mark Jacobs, and Todd Molz

Why have Treasury yields remained higher for longer and what does this mean for credit investors? What are the potential impacts of the historic stimulus recently announced in China? And what is the current outlook for income-generating real estate? In the latest episode of The Insight: Conversations , Danielle Poli (Assistant Portfolio Manager, Global Credit), Julio Herrera (Portfolio Manager, Emerging Markets Debt), Mark Jacobs (Co-Portfolio Manager, Real Estate Income), and Tod...

Jan 15, 202535 minEp. 34

The Roundup: Top Takeaways from Oaktree’s Quarterly Letters – December 2024 Edition

Amid a strong U.S. economy and potentially inflationary policies from the incoming administration, yields may remain higher for longer. High-income assets will likely benefit, but investors should avoid complacency, particularly given the unpredictability of macroeconomic factors. In the current installment of The Roundup, Oaktree experts examine the risks and opportunities in various asset classes, from financing solutions for life sciences companies and signs of stabilizing real estate valuati...

Dec 12, 202416 minEp. 33

Conversations: The Evolution of Asset-Backed Finance with Armen Panossian, Brendan Beer, and Jennifer Marques

In the latest episode of The Insight: Conversations , Armen Panossian (Co-CEO and Head of Performing Credit), Brendan Beer (Co-Portfolio Manager, Structured Credit and Asset-Backed Finance) and Jennifer Marques (Head of Strategy and Structuring, Asset-Backed Finance) discuss topics from the recently published Performing Credit Quarterly 3Q2024: Who Are the Lenders Now?   They examine the current state of the credit markets, narrowing in on the evolution of one growing area of private credit...

Nov 13, 202435 minEp. 32

Performing Credit Quarterly 3Q2024: Who Are the Lenders Now?

In the latest Performing Credit Quarterly, Armen Panossian (Co-CEO and Head of Performing Credit) and Danielle Poli (Assistant Portfolio Manager, Global Credit) explore the next frontier of private credit: asset-backed finance. They discuss how major regulatory changes are causing traditional lenders to retrench from the space, leaving a significant financing void. They also look at several other trends affecting credit markets, including the first Fed cut of the cycle, the return of M&A and...

Oct 30, 202444 minEp. 31

Conversations: Looking Beyond the Headlines with Robert O’Leary, Steve Tesoriere, Kenya Williams, and Nicole Adrien

Where are we currently in the credit cycle? Why might issuers be delaying their day of reckoning? And how are investors using demographic shifts to find new opportunities in the real estate market? In the latest episode of The Insight: Conversations , Robert O’Leary (co-CEO), Steve Tesoriere (Co-Portfolio Manager, Value Opportunities), Kenya Williams (Senior Real Estate Product Specialist), and Nicole Adrien (Chief Product Officer and Global Head of Client Relations) discuss these...

Oct 10, 202439 minEp. 30

The Roundup: Top Takeaways from Oaktree’s Quarterly Letters – September 2024 Edition

The Federal Reserve’s highly telegraphed interest rate cut in September has created a new market dynamic: interest rates are set to moderate, but perhaps not enough to help many companies still facing extraordinary debt burdens. In the current installment of The Roundup, Oaktree experts, including co-CEO Robert O’Leary, explore various topics related to the evolving investment landscape, including the increasing prevalence of liability management exercises, demographic shifts creating oppor...

Sep 26, 202416 minEp. 29

Conversations: The Changing Face of Private Credit at Oaktree Conference 2024

In this special edition of The Insight: Conversations , we’re airing an excerpt from the private credit panel held at Oaktree’s recent biannual client conference in London on May 15, 2024. Key members of Oaktree’s private credit platform discuss how the asset class has evolved in recent years and where it may be heading next. They explore the dramatic growth of private capital, the evolving relationship with traditional lenders, and the expanding opportunities in asset-backed finance....

Sep 17, 202440 minEp. 28

Conversations: Dissecting the Dual Economy with Armen Panossian and Wayne Dahl

The disparity between the haves and the have-nots has widened meaningfully in the U.S. economy over the last year.  As a result, healthy aggregate macroeconomic indicators have often obscured the weakness building among pockets of the population.  In the latest episode of The Insight: Conversations , Armen Panossian (Co-CEO and Head of Performing Credit) and Wayne Dahl (Co-Portfolio Manager, Global Credit) consider how this dual economy is impacting credit investors as they discuss top...

Aug 08, 202436 minEp. 27

Performing Credit Quarterly 2Q2024: The Dual Economy

In the latest Performing Credit Quarterly , Armen Panossian (Co-CEO and Head of Performing Credit) and Danielle Poli (Assistant Portfolio Manager, Global Credit) discuss how conflicting trends in the bifurcated U.S. economy are sending mixed signals and creating challenges for both central bankers and investors. They discuss the potential implications for credit investors and how many companies with unstable capital structures may no longer be able to keep kicking the can down the road if intere...

Jul 30, 202442 minEp. 26

Conversations: Oaktree Conference 2024 Edition

In a special edition of The Insight: Conversations, you’ll hear excerpts from multiple sessions held during Oaktree’s recent biannual client conference.  Oaktree co-chairman Howard Marks does a deep dive into his sea change thesis, members of Oaktree’s Global Credit team examine the most significant trends impacting the high yield bond and leveraged loan markets, and Oaktree’s Opportunistic Credit team explores key themes reshaping today’s restructuring environment....

Jul 02, 202439 minEp. 25

The Roundup: Top Takeaways from Oaktree Conference 2024

Oaktree recently held its biennial client conference featuring presentations from co-chairman Howard Marks, co-CEOs Robert O’Leary and Armen Panossian, and many other key Oaktree thought leaders.  In a special edition of The Roundup, we’ve highlighted various topics discussed at Oaktree Conference 2024, including the next frontier of private credit, dislocation in India’s corporate debt markets, and the potentially once-in-a-generation opportunity in commercial real estate....

Jun 27, 202420 minEp. 24

Conversations: Volatility Ahead? Featuring Howard Marks, Armen Panossian, and David Rosenberg

Where are we in the market cycle? Why is it healthy to be uncertain? And what does it mean to actually “be opportunistic”? In the latest episode of The Insight: Conversations, Howard Marks (Co-Chairman), Armen Panossian (Co-CEO), and David Rosenberg (Head of Liquid Performing Credit) discuss these and other topics from the recently published Performing Credit Quarterly 1Q2024: Unusually Uncertain. You can listen to the Performing Credit Quarterly 1Q2024 in the prior episode in this feed....

May 06, 202431 minEp. 23

Performing Credit Quarterly 1Q2024: Unusually Uncertain

Oaktree co-chairman Howard Marks recently noted that many investors today are feeling “unusually uncertain” about the future of the economy and financial markets. In the latest Performing Credit Quarterly , Armen Panossian (co-CEO and Head of Performing Credit) and Danielle Poli (Assistant Portfolio Manager, Global Credit) explore the pockets of risk and opportunity emerging in this environment and the potential implications for credit investors. Plus, we’ve included excerpts from Howa...

Apr 30, 202444 minEp. 22

Conversations: Defying Gravity with Robert O’Leary, Armen Panossian, Jean-Pierre Latrille, and Janet Wang

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...

Apr 11, 202443 minEp. 21

The Roundup: Top Takeaways from Oaktree’s Quarterly Letters – March 2024 Edition

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)....

Mar 28, 202418 minEp. 20

Conversations: NAV Finance 101 with Pierre-Antoine de Selancy

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.

Mar 07, 202420 minEp. 19

NAV Finance 101: The Next Generation of Private Credit

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. Y...

Mar 07, 202415 minEp. 18

Conversations: The Goldilocks Market with Armen Panossian, Danielle Poli, and Wayne Dahl

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 P...

Feb 15, 202450 minEp. 17

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.oaktree...

Jan 30, 202444 minEp. 16

Conversations: Walking into the Unknown with Howard Marks, David Rosenberg, and Aman Kumar

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...

Jan 04, 202435 minEp. 15

The Roundup: Top Takeaways from Oaktree’s Quarterly Letters – December 2023 Edition

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...

Dec 14, 202321 minEp. 14

Conversations: Special Episode with Annie Duke and Howard Marks

Special 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.

Dec 06, 202352 minEp. 13

Conversations: Full Return World with Howard Marks and Armen Panossian

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....

Nov 02, 202331 minEp. 12

Performing Credit Quarterly 3Q2023: Tails, You Lose?

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...

Oct 26, 202341 minEp. 11

Conversations: Credit Picker’s Market with Wayne Dahl, Robert O’Leary, and Mark Jacobs

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) disc...

Oct 05, 202329 minEp. 10

The Roundup: Top Takeaways from Oaktree’s Quarterly Letters – September 2023 Edition

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 Th...

Sep 26, 202319 minEp. 9
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