286 results for "memo":
Showing 91 - 100 of 286 results
The Illusion of Knowledge
It was that lunch that started me thinking about writing yet another memo on the futility of macro forecasting., Shortly after starting on this memo, I received my regular weekly edition of Morgan Housel’s always-brilliant newsletter., I found Ferguson’s article so relevant to the subject of this memo that I’m including a link to it here., – Mark Twain As I mentioned in my recent memo Thinking About Macro, in the 1970s we used to describe an economist as “a portfolio manager who never marks to market.”, All Rights Reserved Follow us: * * * In a 2001 memo called What’s It All About, Alpha?
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.
Mr. Market Miscalculates
In his latest memo, Howard Marks discusses the reasons for the recent market volatility using one of finance’s classic metaphors: Mr.
"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.
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.”
Ditto
When I see it recur and want to comment, I’m often tempted to dust off an old memo, update the details, and just insert the word “ditto.”, Cycles and Risk This memo is devoted to the cycle in attitudes toward risk., Risk and Return Today (2004 Version) The name of this section served as the title of a memo in October 2004., In the memo I observed that the “capital market line” connecting risk and return had become “lower and flatter.”, That memo may have been too early, but it wasn’t wrong.
Easy Money
I received excellent feedback on the memo from clients – encouragement that prompted the many memos that have followed., I thank Zach Kessler, a regular memo reader, for sending it., The relevance of The Price of Time to the trends I’ve been discussing for the last year occasions this memo, As I asked at the time in my memo There They Go Again . . ., Thus, I wrote as follows in my memo You Can’t Predict.
Calibrating
All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: Calibrating I set a personal record by writing four memos in the month of March, responding to the rapidly unfolding coronavirus crisis., In this first memo of the crisis, I struck a number of themes I would return to in the following weeks: These days, people have been asking me whether this is the time to buy., Latest Update – to clients March 19, on website March 24 This memo was issued with the S&P 500 down 29% and within a few days of the low (down 34%) that would be reached on March 23., Portfolio Positioning One of the benefits I derive from writing my memos is that the more I work on a memo about something, the more it comes into focus., On the contrary, I gave this memo the title Calibrating because of my view that a portfolio’s positioning should change over time in response to what’s going on in the environment.
The Winds of Change
Howard Marks’s latest memo examines paradigm shifts that could reshape the economy, markets and the world for many years to come.