303 results for "memo":

Showing 111 - 120 of 303 results

The Rewind - You Can't Predict. You Can Prepare.

Howard looks back on this memo, originally published on November 20, 2001.
The Rewind - Dare to Be Great

Howard reflects on this memo originally published on September 7, 2006.
The Insight Conversations - Reflections on Oaktree Conference 2026

And I wrote a memo a year ago called Gimme Credit., And Bob said essentially what we do is take advantage of the mistakes of others, and that caused me to write a memo shortly after entitled It’s All a Big Mistake., And I put out a memo called leverage plus volatili-ty equals dynamite., I’ve thought so much and I’ve written so much, I have another memo in the works right now, Harry, the tentative title is Fans and Fancies., I’m sure you’ll all be on the lookout for Howard’s next memo.
Mr. Market Miscalculates (Audio)

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.
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.
Bull Market Rhymes

All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: Bull Market Rhymes While I employ a great many adages and quotes in my writings, my main go-to list consists of a relatively small number., They’ll be the topic of this memo., I want to mention up front that this memo has nothing to do with assessing the markets’ likely direction from here., And updating a question I asked in my memo The Happy Medium (July 2004), why has its annual return been between 8% and 12% just six times during this period?, In my 2007 memo The Race to the Bottom, I explained that when there’s too much money in the hands of investors and providers of capital and they’re too eager to put it to work, they bid too aggressively for securities and the chance to lend.
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.”
Something of Value

I’ve heard a variety of views, and while I have my own, I don’t want to make it the subject of this memo., The Value Mentality in Action Back in 2017, my memo There They Go Again . . ., Back to the Original Question I’ll move toward ending this memo by turning to the question I mentioned at the outset: Is the recent underperformance of value investing a temporary phenomenon?, My conversations with Andrew over the ten months of the pandemic have represented a “voyage of discovery” and culminated in this memo., I hope you’ll find this memo interesting and helpful, and I wish you all the best in 2021.
The Folly of Certainty

 Memo to: Oaktree Clients From: Howard Marks R e: The Folly of Certainty The impetus for my memos can come from a wide variety of sources., And, with that, I had the subject of this memo: not whether Biden will continue campaigning or drop out – or whether he’ll win if he continues – but rather how anyone can be without doubt., Back in mid-2020, when the pandemic seemed to have become a more or less understood phenomenon, I slowed the pace of my memo writing from the one-a-week pattern of March and April., A L L R I G H T S R E S E R V E D P.S.: Last summer’s Grand Slam tennis tournaments provided the inspiration for my memo Fewer Losers, or More Winners?, Similarly, this past Saturday’s women’s final match at Wimbledon has provided a snippet for this memo.