Market Characteristics checklist based on Oaktree Capital's March 27, 2006 paper, "It Is What It Is". If more marks are made on the left-hand side column, saving money is recommended. The purpose of the list is to gauge the "market temperature" or mood of the current market today.
| Economy: | Vibrant | Sluggish |
| Outlook: | Positive | Negative |
| Lenders: | Eager | Reticent |
| Capital Markets: | Loose | Tight |
| Capital: | Plentiful | Scarce |
| Terms: | Easy | Restrictive |
| Interest Rates: | Low | High |
| Spreads: | Narrow | Wide |
| Investors: | Optimistic | Pessimistic |
| Sanguine | Distressed | |
| Eager to buy | Uninterested in buying | |
| Asset Owners: | Happy to hold | Rushing for the exits |
| Sellers: | Few | Many |
| Markets: | Crowded | Starved for attention |
| Funds: | Hard to gain entry | Open to anyone |
| New ones daily | Only the best can raise money | |
| GPs hold the cards on terms | LPs have bargaining power | |
| Recent Performance: | Strong | Weak |
| Asset Prices: | High | Low |
| Prospective Returns: | Low | High |
| Risk: | High | Low |
| Popular Qualities: | Aggressiveness | Caution and discipline |
| Broad reach | Selectivity | |
| The Right Qualities: | Caution and discipline | Aggressiveness |
| Selectivity | Broad Reach | |
| Available Mistakes: | Buying too much | Buying too little |
| Paying up | Walking away | |
| Taking too much risk | Taking too little risk |