nagement | Average Overall pany 8 Earnings Rate (2018e) Commentary Score ARES (ARES) Equal-weight © & of @ y | Apollo (APO) Overweight a) »D D D ~dD Oaktree (OAK) Overweight »D &B e »D Q KKR (KKR) Equal-weight ¢ © a) a Q Carlyle (CG) Overweight O a 2) 6 im ) Blackstone (BX) Overweight »D & D D mY Source:

d insights not only to us, but also to the invest- ment community as a whole. and we thank you for reading. - G&Dsville Editors Howard Marks from Oaktree, pictured here giving the keynote talk at the CSIMA Conference in January 2016 Columbia Business School students help at registration for the 19t

half ago and now they are three points lower. I don't have the luxury of being down 6% in a month trying to make my money next year. Firms like Oaktree and Apollo with longer term money are buying hand over fist right now. They're all suffering near term losses because energy bonds have gone dow

f short-term investing, and I go through it only to provide a graphic illustration of the difference between first-level and second- level thinking. Oaktree and I aren't focused on short-term results, and the thinking we apply to long-run considerations is quite different. We think much less about what o

ion and Disclosures This memorandum expresses the views of the author as of the date indicated and such views are subject to change without notice. Oaktree has no duty or obligation to update the information contained herein. Further, Oaktree makes no representation, and it should not be assumed, that