233 results for "memo":
Showing 111 - 120 of 233 results
what-does-the-market-know
All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: What Does the Market Know?, ” That prompted this memo in response., The rest of this memo will be about fleshing out this theme (meaning you can stop reading here if you’ve had enough or are short on time)., If “On the Couch” wasn’t successful in convincing you this isn’t possible, this memo probably won’t be, either., I set a trap at the beginning of this memo, and I want to spring it now.
Selling Out
As I’m now in my fourth decade of memo writing, I’m sometimes tempted to conclude I should quit, because I’ve covered all the relevant topics., Then a new idea for a memo pops up, delivering a pleasant surprise., It occurred to me that even though selling is an inescapable part of the investment process, I’ve never devoted an entire memo to it., Origins Much of what I’ll write here got its start in a 2015 memo called Liquidity., That memo evoked the strongest reaction from readers of any of my memos to date.
2001-10-04-what-lies-ahead
A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: HowardMarks Re: WhatLiesAhead?, I must admit that I haven't been looking forward to writing a memo about the economic and investment implications of the attacks.
2002-07-26-quo-vadis
A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: Howard M a r k s R e : Q u o V a d i s ?, I've been cautious for a long time – in fact, I don't remember ever having written a bullish piece on stocks – and this memo is unlikely to be any different.
2014-12-18-the-lessons-of-oil
All Rights Reserved Memo to: Oaktree Clients From: Howard Marks Re: The Lessons of Oil I want to provide a memo on this topic before I – and hopefully many of my readers – head out for year- end holidays.
2006-06-13-returns-absolute-returns-and-risk
A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: HowardMarks Re: Returns,AbsoluteReturns and Risk UWhat’s In a Name?, According to the article that inspired this memo, “Today, the term ‘absolute return’ seems to be used most often to describe what wealthy individual investors have always called hedge funds.”, When I wrote the memo “Risk” in February, I thought I had hit on something when I observed that risk is not measurable even after the fact.
Lessons from Silicon Valley Bank
A Word on Regulation In March 2011, in the aftermath of the GFC, I published a memo called On Regulation ., Combine developments like these with the reality that (a) interest rates are no longer declining or near zero; (b) the Fed can’t be as accommodative as it was in the last few crises, because of today’s elevated inflation; and (c) negative developments are popping up in portfolios, and I think the case made in my previous memo, Sea Change (December 2022), has been bolstered., * * * While I don’t foresee widespread contagion – either psychological or financial – arising from the SVB failure alone, I can’t end a memo on U.S. banks without mentioning one of the biggest worries they face today: the possibility of problems stemming from loans against commercial real estate (“CRE”), especially office buildings.
1996-11-25-will-it-be-different-this-time
A l l R i g h t s R e s e r v e d Memo to: OaktreeClients and Friends From: Howard Marks Re: WillItBeDifferentThisTime?, Nevertheless, 51 of the 53 "top economists" surveyed by Blue Chip newsletter (my favorite experts and the subject of my July 22, 1996 memo) predict growth next year of 1.5% or more.
2010-05-12-warning-flags
The inspiration for today’s memo came as my pile of clippings began to swell with indications that pre-crisis behavior is coming back., A l l R i g h t s R e s e r v e d 11 * * * I started this memo in late April, but I didn’t get it out before Greece’s financial crisis burst into full bloom last week., This gives me an opportunity to discuss the significance of the recent developments (not the substance, however; that’ll have to await another memo)., Just a few months ago, I published a memo called “Tell Me I’m Wrong” (January 22), in which I listed a number of things that worried me., Here’s how I concluded: My goal in this memo isn’t to express a forecast.
The Calculus of Value
All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: The Calculus of Value On July 28, I flew to South America on a plane without Wi-Fi, leaving me without email or entertainment., What was I to do but start in on a memo?, * * * January 2 of this year was the 25 th anniversary of my memo bubble.com, the one that put my writing on the map, and I marked the occasion by publishing another memo, called On Bubble Watch., I think of assets that don’t produce operating cash flow or have the potential to do so in the future as not having earning power, and that makes them impossible to value objectively, analytically, or intrinsically (see my 2010 memo about gold, All That Glitters)., • I concluded in my January memo that this was troublesome but not threatening, again mostly because the temporary mania or “irrational exuberance” that I believe accompanies – or gives rise to – most bubbles wasn’t present.