303 results for "memo":
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It Is What It Is
A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: HowardMarks Re: ItIsWhat It Is My first exposure to the phrase that serves as the title for this memo came in 1995, a few days before Oaktree opened its doors., I took Peter’s use of the phrase in 1995 – and I’m using it in this memo – to mean something very different: recognition and acceptance of today’s givens . . . but not necessarily of the end result., In November 2004 I wrote a memo entitled “Risk and Return Today.”, Mark Cutis of Shinsei Bank sent me his memo entitled, “Market of no fear!”, I think a few of them – plus some comments from Warren Buffett’s latest annual report – can be woven into something of relevance to this memo and of interest to you.
Cockroaches in the Coal Mine
© 2025 Oaktree Capital Management, L.P All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: Cockroaches in the Coal Mine Pardon the mixed metaphor, but I couldn’t resist., As I mentioned in my memo Gimme Credit in March, the thing people have asked me about most often over the last few years is private credit., As I pointed out in my memo What Does the Market Know?, Investors’ risk tolerance grows, and they tend to focus less on due diligence and more on bidding aggressively for deals (see my memo The Race to the Bottom, February 2007)., One I haven’t mentioned since my memo The Long View in 2009 is the “bezzle,” a concept Galbraith introduced in his book The Great Crash 1929.
The Indispensability of Risk
That’s why I’ve written a memo comparing investing to sports in each of the four decades I’ve been writing memos and one connecting investing and card playing in 2020., The motivation for this memo comes from an article in The Wall Street Journal of April 12 that my partner Bruce Karsh sent me entitled “Chess Teaches the Power of Sacrifice” by Maurice Ashley, a chess grandmaster who has been inducted into the U.S., Few people know that Bruce is a chess player, and I hadn’t thought about this fact for years, but the article provided a good reminder and moved me to dash off this memo., Relevant lessons from sports (included in past memos) are easily accessed and also very helpful: • “You miss 100% of the shots you don’t take.” – Wayne Gretzky, NHL Hall of Famer • “You have to give yourself a chance to fail.” – Kenny “The Jet” Smith, two-time NBA champion I’ll sum up with a paragraph from my memo of last September, Fewer Losers, or More Winners?
On Bubble Watch
The memo had two things going for it: it was right, and it was right fast., Some of what I write here will be familiar to anyone who read my December memo about the macro picture., But that memo only went to Oaktree clients, so I’m going to recycle here the part of its content that relates to the subject of bubbles., As many of my memo readers know, I joined the equity research department at First National City Bank (now Citi) in September 1969., * * * As I said at the start of this memo, I’m not an equity investor, and I’m certainly no expert on technology.
The Race to the Bottom
But there are other ways to cheapen your money, and they’re the primary subject of this memo, UThe Auction’s On While the last few years have given me many opportunities to marvel at excesses in the capital markets, in this case the one that elicited my battle cry – “that calls for a memo” – hit the newspapers in England during my last stay., Now, I am no expert on the UK mortgage market, and it’s my intention in this memo to comment on general capital market trends, not any one sector., As is often the case, I could have made this a shorter memo by simply invoking my two favorite quotations, both of which have a place here., This memo can be summed up simply: there’s a race to the bottom going on, reflecting a widespread reduction in the level of prudence on the part of investors and capital providers.
Nobody Knows II
All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: Nobody Knows II I wrote most of this memo over this past weekend, on the heels of the tumultuous seven-day correction., So please read this memo as of Sunday afternoon – whatever the markets have done since – and let me show how I assess the recent events, * * * I last used this memo title on September 19, 2008, two days after Lehman Brothers’ bankruptcy filing., I’ve had a ready answer, thanks to something from my January memo, You Bet!, The one that stayed with me most – and that I’ve used a lot since the memo was published on January 13 – is this one: An expert in any field will have an advantage over a rookie.
Conversations - Full Return World - Transcript
Howard, why were you interested in writing a follow-up to your memo, Sea Change?, And of course, the original Sea Change thesis came out of client visits that I made in October and November, and then the memo was released in December., I’ve never written a memo before that talked about something of the magnitude of the sea change that I think we’re going through., Anna So the last specific question I’ll ask about this memo, Howard, is for you, and it’s about capital allocation because it’s obviously a big part of the memo Further Thoughts on Sea Change., I discussed this in a memo called Race to the Bottom in February ’07, which unfortunately turned out to be right in the Global Financial Crisis.
The Role of Confidence
That’s what this memo is about., Confidence Today Back in September, I wrote a memo entitled “On Uncertain Ground.”, In mid-2007 I was working on a memo with the projected title “The Mother of All Cycles.”, In the memo I complained that every asset class, every asset and every region was appreciating., Thus that memo was followed by “It’s All Good . . .
Selling Out (Audio)
Howard Marks’s latest memo considers one of investing’s most fundamental questions: when to sell.
The Winds of Change (Audio)
Howard Marks’s latest memo examines paradigm shifts that could reshape the economy, markets and the world for many years to come.