292 results for "memo":

Showing 91 - 100 of 292 results

"Risk in Today's Markets" Revisited

A l l R i g h t s R e s e r v e d Memo To: Clients From: HowardS.Marks,TCW Re: "RiskinToday's Markets" Revisited Seven weeks ago, we put out a memorandum entitled "Risk in Today's Markets.", It is the purpose of this follow-up memo to review the developments of the intervening time period, attempting to make sense out of what has happened and searching for lessons that can be drawn., Hedge funds occupied a meaningful part of our February 17 memo because they were felt to exemplify (to a power of ten) the risk-tolerant behavior of investors in general.
The Rewind - You Can't Predict. You Can Prepare.

Howard looks back on this memo, originally published on November 20, 2001.
The Rewind - Dare to Be Great

Howard reflects on this memo originally published on September 7, 2006.
The Pendulum in International Affairs

Howard Marks’s latest memo connects two seemingly unrelated trends – Europe’s energy dependence and U.S. offshoring – to explain why the pendulum of companies’ and countries’ behavior may be swinging away from globalization and toward onshoring.
It’s All Good

I’ve said in the past that I consider “You Can’t Predict,” a primer on cycles, to have been one of my best¸ and also that it evoked the least response of any memo in this decade., Thus I’m offering it as a twofer with this memo; copies are available on request at no additional cost., Thus I’m going to devote this memo to the cycle that’s been underway for the last few years., In this latter regard, I’ll reprint a few paragraphs from “First Quarter Performance,” the 1991 memo cited above., To continue a thread from my last memo, “Everyone Knows,” expecting widespread clinical observation during a market mania makes about as much sense as saying “everyone knows the market has gone too far.”
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 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.
Yet Again

All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: Yet Again?, As I said in the memo, “it’s not real” – there is no intrinsic value behind it., It’s time for caution, as I wrote in the memo, not a full-scale exodus., Thus I’ve realized the memo was diagnostic but not sufficiently prescriptive., If you believe what I said in the memo about the presence of risk today, you might want to opt for #3.
Conversation at Panmure House

In the late ’90s, I wrote a memo called What's It All About, Alpha?, In the spring of 2007, I wrote a memo called The Race to the Bottom., PS: I’d like to talk more about the memo Investing Without People., In the memo Investing Without People, there are three sections., The conversation on pp. 7-8 of this memo is for illustrative purposes only.