The Memo by Howard Marks

Howard Marks: I think we're in the latter part of the third stage of what Howard just described and I think it's going to get quite interesting from here on out. Oaktree Capital Management LP, Oaktree, believes that the sources from which such information has been obtained are reliable but cannot guarantee the accuracy or completeness of such information. This podcast is being made available for educational purposes only and should not be used for any other purpose. Certain information contained herein concerning economic trends and performances based on or derived frominformation provided by independent third-party sources. The views of the author as of the date indicated are subject to change without notice.