286 results for "memo":
Showing 121 - 130 of 286 results
More on Repealing the Laws of Economics
All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: More on Repealing the Laws of Economics Last September, I wrote a memo titled Shall We Repeal the Laws of Economics?, Rent Control A prime example discussed in my September memo was rent control., On April 9, in my memo Nobody Knows (Yet Again), I guessed at President Trump’s goals in enacting them as follows: • support U.S. manufacturing • discourage imports • encourage exports • shrink or eliminate our trade deficit • make supply chains more secure through onshoring • deter unfair trade practices aimed at the U.S
Mysterious
All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: Mysterious Most of the time, my memos have their origin in something interesting that’s happening in the world or in a series of events I come across that I think can be interestingly juxtaposed., The other day, my colleague Ian Schapiro, the leader of Oaktree’s Power Opportunities and Infrastructure groups, suggested I write a memo about negative interest rates., This question takes me back to my immediate response to Ian’s suggestion that I write this memo: nobody knows, and certainly not me.
Pigweed
A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: HowardMarks Re: Pigweed A t C i t i b a n k b a c k i n t he ’70s, Chief Investment Officer Peter Vermilye placed a lot of emphasis on building team spirit., TIn a memo on hedge funds in October 2004, I mentioned that when there’s a big increase in the number of little fish attempting to live off each big fish’s leavings (or in the number of hedge funds relative to mainstream investors), the pickings become slimmer., TURisk Management and Risk Managers TYou know from my memo of February entitled “Risk” that I’m not a big fan of quantitative risk management., TIn the memo on risk, I enumerated several criteria that should be present if modeling is to prove effective., When sellers’ urgency increases, they’re likely to have to give on price in order to achieve the “immediacy” they crave (see my memo “Investment Miscellany,” November 16, 2000).
It’s All Good . . . Really?
A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: Howard Marks Re: It’s All Good . . ., UThe Seed This memo isn’t about the events of July 2007, but rather how recent events exemplify the time-honored pattern that kicks off the swing back of the pendulum., But what we do know is that the bull-market excesses I decried in my memo of two weeks ago (and in “The New Paradigm” in October and “The Race to the Bottom” in February) have reversed for the moment, with profound effects on asset prices.
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
More on Repealing the Laws of Economics
In his latest memo, Howard Marks discusses the implications of governmental intervention in economies.
Dare to Be Great
Memo to: OaktreeClients From: Howard M a r k s R e : DaretoBeGreat Inoneofthemost colorful vignettes of the early 1970s, Glenn Turner, the head of Koscot Interplanetary, would fly into a small Midwestern town in his Learjet (when that was a huge deal)., This memo stems from an accumulation of thoughts on the subject of how investment management clients might best pursue superior results., Typically my thoughts pile up, and then something prompts me to turn them into a memo., * * * I hope this memo won’t come across as preachy.
Growing the Pie
Most of my January memo, Political Reality Meets Economic Reality, was devoted to fretting over the rise of populism from the left and the resulting anti-capitalist sentiment, and it has risen further since., In the January memo, I set forth my view that in the last 10-20 years, the rising economic tide had stopped lifting all boats., Ray Dalio and Bridgewater actually beat my memo by two days, publishing on January 28 an excellent note titled Populism + Weakening Economy + Limited Central Bank Power to Ease + Elections = Risky Markets and Risky Economies., In my January memo, I argued at length that capitalism can be credited with much of what made the United States what it is today., A lot of readers enjoyed the story in my January memo about the ten men who drank beer in a bar every night, with each paying according to his ability.
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.
Risk and Return Today
A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: Howard M a rks Re: RiskandReturn Today A single word is enough to describe the overall investment world today: lackluster., In response, I wrote a piece called “The Cat, the Tree, the Carrot and the Stick” as part of my memo “What’s Going On?”, In my memo “What’s Your Game Plan” on investing and sports (September 5, 2003), I mentioned the importance of “playing within yourself,” or “not trying to do things you’re not capable of, or things that can’t be accomplished within the environment as it exists.”