298 results for "memo":

Showing 101 - 110 of 298 results

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?”
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?
Economic Reality

All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: Economic Reality Addendum, June 13: There’s been a lot of response since the memo that follows was originally published on May 26., That’s what caused me to write the memo: in politics and government – unlike the real world – the word “or” often goes out the window, replaced by “and.”, I wrote this memo to help readers understand why, The realities of economics are the subject of this memo., * * * Of course, this leads me to the idea that probably did more than any other to set the wheels in motion for this memo: “we’ll bring back the jobs.”
Political Reality Meets Economic Reality

All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: Political Reality Meets Economic Reality In 2016 I wrote Economic Reality (in May) and Political Reality (in August), two memos covering subjects I thought were important and timely., The purpose of this memo is to describe what happens when political behavior collides with economic reality, as illustrated in one area where the government is taking steps – tariffs – and another in which debate among politicians is heating up – restrictions on the capitalist system., While populism is somewhat amorphous, here’s a definition for the purposes of this memo: A political philosophy supporting the rights and power of the people in their struggle against the privileged elite., And thus this section of my memo., All Rights Reserved Follow us:  On January 24, just under the wire for inclusion in this memo, Elizabeth Warren took the issue of differential taxation to its ultimate extreme: a wealth tax.
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?
Notes from New York

A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: HowardMarks Re: Notesfrom New York Maybe you've already read enough about last week's events, in which case you should feel free to discard this memo., I had no plans for a memo on this subject., This memo may not include much that is new to you but, as usual, I will attempt to pull together my own thoughts and what I've heard and read elsewhere.
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.
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. 
Selling Out (Audio)

Howard Marks’s latest memo considers one of investing’s most fundamental questions: when to sell.
The Rewind - Dare to Be Great II

Howard reflects on this memo originally published on April 8, 2014.