The Insight by Oaktree Capital
The Insight by Oaktree Capital provides audio versions of Oaktree publications and features conversations with leading experts, including Howard Marks, on investment theory, relative value, and market trends. It offers engaging and sometimes contrarian perspectives on investing, going beyond daily market chatter to focus on important topics for investors.
Episodes
The Flip Side
A more challenging corporate credit backdrop may not be entirely a bad thing. In the latest episode of The Insight: Conversations, we flip the script and consider the opportunities that may arise from a less easy lending environment. Brook Hinchman (Head of North America, Global Opportunities) and Matt Wilson (Co-Portfolio Manager, Special Situations) discuss interest rates, the U.S. cons
Reflections on Oaktree Conference 2026 with Howard Marks
In this special episode of The Insight: Conversations, Howard Marks shares his reflections on themes from Oaktree’s recent client conference, including the evolution of the credit markets, the nature of mispricings, and the importance of leadership.
Dispersion
Bob O’Leary (Co-CEO and Portfolio Manager, Global Opportunities) and Armen Panossian (Co-CEO and Head of Performing Credit) shared their assessment of market dispersion in a recent webcast held for Oaktree clients. They discussed the state of the private and liquid credit markets and the ways to navigate an environment characterized by increasing bifurcation into winners and losers. Liste
Europe
Get the latest on the European economic backdrop and the state of its private and liquid credit markets with Nael Khatoun (Portfolio Manager, European Private Debt), Madelaine Jones (Portfolio Manager, European High Yield Bonds and Senior Loans), and Suzana Perić (Co-Head of Sourcing & Origination).
Vigilance
Private credit remains coveted by income-seeking investors, offering attractive yields and low volatility, but the quality of underwriting has recently come under scrutiny. In the latest episode of The Insight: Conversations, Brook Hinchman (Co-Head of North America, Global Opportunities), Christina Lee (Co-Portfolio Manager, U.S. Private Debt), and Matt Pendo (Head of Corporate Deve
Convergence
How are private and liquid credit evolving into complementary forces? And how can combining these two distinct but interlinked markets be of benefit to both investors and issuers? In an in-depth conversation, Armen Panossian (Co-CEO and Head of Performing Credit), Raghav Khanna (Co-Portfolio Manager, Strategic Credit), and Danielle Poli (Assistant Portfolio Manager, Global Credit) d
35 Years of Memos
To celebrate the 35th anniversary of his memos, Howard Marks recently held a fireside chat for Oaktree employees. Listen to an excerpt from the conversation to hear Howard discuss why he started writing and why he’s kept at it, and learn more about the enduring investment truths encapsulated by his memos.
Undercurrents
In the latest episode of The Insight: Conversations, Oaktree experts assess the bifurcation in equity and credit markets today, examine dislocation in the healthcare sector, and take a closer look at the recent resurgence of activity within commercial real estate. Steve Tesoriere (Co-Portfolio Manager, Value Opportunities), Olivia Guthorn (Managing Director, Global Opportunities), and Jus
On the Lookout
In the latest episode, Armen Panossian (Co-CEO and Head of Performing Credit) and David Rosenberg (Head of Liquid Performing Credit) assess today’s credit markets, including where pockets of relative value may be found, how a global approach can benefit investors, and why public and private credit markets are converging.
Keeping Composed
In the latest episode of The Insight: Conversations, Oaktree experts examine the recent volatility in the credit markets, discuss shifting perceptions of European credit, and take a closer look at asset-backed finance. Justin Quaglia (Managing Director, Credit Trading), Madelaine Jones (Portfolio Manager, European High Yield Bonds and Senior Loans), and Christopher Gray (Managing Director
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 Quart
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
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 o
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
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
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 ass
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 t
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 sever
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 Prod
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 landsc
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 evolvin
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-Portfo
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 comp
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 Opport
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 d
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 U
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 e
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 Co
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-round
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.
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 yea
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 W
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 th
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). 
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 Howar
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.
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 environ
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 opportun
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’Lea
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
Conversations: European Credit at a Turning Point
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
Conversations: Fighting the Fed with Armen Panossian, Danielle Poli, and Megan Messina
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.
Performing Credit Quarterly 2Q2023: Fighting The Fed
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
Conversations: This Time Might Be Different with Howard Marks and David Rosenberg
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.
The Roundup: Top Takeaways from Oaktree’s Quarterly Letters – June 2023 Edition
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
Conversations: Cutting Through the Economic Noise with Wayne Dahl
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.
Performing Credit Quarterly 1Q2023: Flight Risk
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.You can read the 1Q
Conversations: Performing Credit Quarterly 1Q2023
In the first episode of Oaktree’s new podcast, Armen Panossian (Head of Performing Credit) and Howard Marks (Co-Chairman) discuss key takeaways from the 1Q2023 Performing Credit Quarterly, including the potential ramifications of the recent banking turmoil, opportunities in private credit, and a possible rise in distress. As part of the discussion, they explore Howard’s memo Lessons
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