305 results for "memo":

Showing 131 - 140 of 305 results

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.
Coming into Focus

All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: Coming into Focus Roughly two months have passed since my last memo, Time for Thinking, and still not much has changed in the economy or the markets., Thus, I’m going to use this memo to go into greater detail on a few topics., I touched on a few of them in my last memo, but I’m going to undertake a fuller treatment of the subject here., Further Exposing Inequality Especially in this environment of heightened attention to social and racial justice, I can’t end this memo without touching on some of the many ways in which the recent experience has shed additional light on inequality in our society: • People further down the economic ladder have had less in terms of financial resources to fall back on during the lockdown, and they generally haven’t benefitted from the increase in asset prices that’s been driven by the reduction of interest rates
Investment Miscellany

A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: HowardMarks Re: Investment Miscellany Because I've been encouraged by the response to my “bubble. com” and venture capital memos, I'm going to keep writing., Glassman's name may be familiar to you, because my memo of May 1, 2000 took issue with “Dow 36,000,” a book he co-authored., As I wrote in my May memo, investors rapidly incorporate new information into their estimates of security values, and the market rapidly reflects the consensus view of values,...but that doesn't mean the consensus is right.
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.
Latest Thinking

All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: Latest Thinking Travel to clients abroad and preoccupation with my coming book on cycles (final draft submitted just the other day) have combined to keep me from writing a memo since September, but fortunately not from thinking., , some readers of my July memo, “There They Go Again . . ., In September I observed that the cautionary July memo hadn’t said much with respect to what people actually should do about the markets, and I tried to remedy that., All Rights Reserved Follow us:  As a result, we see a lot of the reaction that greeted my July memo: “the market’s expensive, but I think it has further to go.”, I wrote that in 1997, in a clients-only memo entitled “Are You an Investor or a Speculator?”
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.”
On the Other Hand

All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: On the Other Hand It often happens that just as I’m about to release a memo, I come across something that absolutely has to be incorporated., I think the topic is very important, so much so that I’m now going to devote a memo to the subject of Fed interest-rate management
A Look Under the Hood

All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: A Look Under the Hood Over the last 56 years, I’ve spent a lot of time making suggestions to clients regarding their investment processes and portfolios, and I’ve been on the client side as a member of various investment committees., The content of the consultant’s session impressed me so much that I decided to write a memo about it., I’m not disclosing the names of the state and its consultant, for obvious reasons, but I’m very pleased that they agreed to let me use the content of the meeting as raw material for this memo.
Whodunit

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 : Whodunit w h o · d u n · i t – ( h ō ō d u n ´ i t ) n . a n a r r a t i v e dealing with a murder or a series of murders and the detection of the criminal (The Random House Dictionary of the English Language) The subprime crisis, credit crunch and possible recession are subjects of daily conversation., It’s the purpose of this memo to say where I think responsibility lies.,  William Conway of Carlyle Group attracted a lot of attention – but perhaps not all he deserved – for a January 2007 memo to his Carlyle colleagues, in which he wrote: As you all know (I hope), the fabulous profits that we have been able to generate for our limited partners are not solely a function of our investment genius, but have resulted in large part from a great market and the availability of enormous amounts of cheap debt. . . ., My wife Nancy says she likes this memo more than most, because the lesson is so easy to understand.
Risk Revisited

All Rights Reserved Memo to: Oaktree Clients From: Howard Marks Re: Risk Revisited In April I had good results with Dare to Be Great II, starting from the base established in an earlier memo (Dare to Be Great, September 2006) and adding new thoughts that had occurred to me in the intervening years., Also in 2006 I wrote Risk, my first memo devoted entirely to this key subject., This memo adds to what I’ve previously written on the topic., What Risk Really Means In the 2006 memo and in the book, I argued against the purported identity between volatility and risk., While writing the original memo on risk in 2006, an important thought came to me for the first time.