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 |