305 results for "memo":

Showing 111 - 120 of 305 results

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.
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.”
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.
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.
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.
Everyone Knows

A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: HowardMarks Re: EveryoneKnows _____________________________________________________________________________ par·a·doxn1aseemingly absurd or self-contradictory statement that is or may be true . . . 4 an opinion that conflicts with common belief., I’ve been saving up ideas for a memo about how often the investing herd is wrong and accepted wisdom should be bet against.
Doesn't Make Sense

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 : Doesn’tMakeSense Academics have their theories about market efficiency., In a memo several years ago, I listed a few phrases that have sunk into obscurity over the course of my career.