306 results for "memo":
Showing 91 - 100 of 306 results
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.
The Rewind - Dare to Be Great II
Howard reflects on this memo originally published on April 8, 2014.
Taking the Temperature
Thus, I said so in the memo bubble.com, which was published as 2000 began., In July 2007, I published the memo It’s All Good, in which I was more emphatic (and had better timing): Where do we stand in the cycle?, Here’s how I put it in a memo I wrote that day: Skepticism and pessimism aren’t synonymous., This is how things stood in March 2012, when I wrote the memo Déjà Vu All Over Again., As I wrote in that same memo: What do we know?
AI Hurtles Ahead
© 2026 Oaktree Capital Management, L.P All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: AI Hurtles Ahead When I was preparing to write my December memo about artificial intelligence, Is It a Bubble?, I recently returned to those people to follow up on the December memo., This resulting memo is intended as an addendum to December’s., I could have saved myself a lot of time by asking Claude to write this memo, but I decided not to, because I consider putting words on paper a big part of the fun., As I wrote in my December memo, there’s certainly great enthusiasm for AI businesses.
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.
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.
What’s Going on in Private Credit? (Audio)
In his latest memo, Howard Marks discusses the evolution of the sub-investment grade credit market from its beginnings in the 1970s to its present state.
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.