Oaktree Capital Management

Investment manager Los Angeles Founded 1995 www.oaktreecapital.com

Credit and distressed-debt specialist co-founded by Howard Marks and Bruce Karsh. Brookfield bought a majority stake in 2019 and agreed in 2025 to buy the rest. Marks's client memos, written since 1990, are the most widely read investor letters outside Berkshire and a standard text on risk, cycles and market psychology.

What they publish

Howard Marks Memos

Essential

Oaktree co-chairman Howard Marks's client memos since 1990 on risk, cycles, credit and investor psychology. They are the plainest-spoken education in market judgment you can get for free.

Memos Intermediate Irregular, several a year since October 1990

Books by their people

The Most Important Thing Howard Marks

Mastering the Market Cycle Howard Marks