303 results for "memo":
Showing 101 - 110 of 303 results
The Rewind - Dare to Be Great II
Howard reflects on this memo originally published on April 8, 2014.
Open and Shut
Memo to: OaktreeClients From: Howard M a r k s R e : OpenandShut MarkTwain is described as having said, “History doesn’t repeat itself, but it does rhyme.”, I’m willing to try an experiment along those lines for this memo., The above citations provide the themes for this memo., In short, whereas economies fluctuate a little and profits a fair bit, the credit window opens wide and then slams shut . . . thus the title of this memo., The Ramifications In 2003, my memo “What’s Going On?”
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.
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 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?
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.
Nobody Knows (Yet Again) (Audio)
In his latest memo, Howard discusses how the recent events surrounding tariffs can have a seismic but unpredictable impact on the global economy.
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.
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., At the lunch described at the beginning of this memo, people were asked what they expected in terms of, for example, Fed policy, and how that influenced their investment stance., * * * In a 2001 memo called What’s It All About, Alpha?
Irrational Exuberance
A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: HowardMarks Re: Irrational Exuberance Recent years have witnessed great excesses in the stock market., Thus I will attempt below to combine a number of ideas and bits of empirical data I've stored up over recent weeks in a memo which expresses my views and hopefully is of value to you., That being the case, I'm not going to miss the opportunity to celebrate the correctness to date of my last memo, “bubble. com.”, The table below lists the stocks mentioned in that memo and their declines from its publication at year end, and from the highs reached since then, to the April trough