The quotes below are from Oaktree’s Q2 earnings call today (as I recorded them, so they likely aren't exact…I’ll try and update them when the transcripts come out). Marks also mentioned that they still see the best deal flow in real estate.
“It’s a funny time….there aren’t many things so cheap that you want to buy them. And there aren’t many things so dear that you want to sell them.”
“We like to buy things when everybody says ‘no way’, and sell them when everybody says ‘so sweat’.”
“When you manage a fund that gets 20% of the profits, it is like the LP's gave you an interest free loan equal to 20% of the capital….We treat all of our portfolios as if 20% of the capital is ours….and manage them in a way where we’d want investors to be willing to loan us 20% of their capital interest free again.”