https://www.oaktreecapital.com/docs/default-source/memos/mysterious.pdf finale: ...In a world like theonedescribed above, perhaps the most reliablesolutionliesin buying things with durable cash flows. Bonds,loans, stocks, propertiesandcompanieswiththe likelihood of producing steady (or hopefully growing) earnings or distributions that reflecta substantial yield on cost all seem like reasonable responsesin times of negative yields. While all this might be self-evident, the challenge lies in accurately predicting the durability and growth of cash flows and making sure the price you pay allows for a good return. In today’s marketenvironment, assets with predictability are often priced extraordinarily rich, and investorsare unusually willing to extrapolate growth far into the future. At the same time,with the economy and markets operating under rules that are different from those of the past in many ways –some of which are reflected above –accurate predictions are apt to prove harder to make than usual. These are some of the reasons why, while simplein concept, investing is far from easy.. . especially today. October 17, 2019 Trading