292 results for "memo":

Showing 131 - 140 of 292 results

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).
The Best of. . .

 Memo to: Oaktree Clients From: Howard Marks Memo to: Oaktree Clients From: Howard Marks Re: The Best of . . ., I described in my last memo, "What Lies Ahead?, ” That prompted this memo in response., In my memo What Really Matters?, What was I to do but start in on a memo?
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?”
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
Nobody Knows (Yet Again)

I thought I should comment on these developments and the outlook, and the result was a memo called Nobody Knows, published four days later., In March 2020, I reused the title of the 2008 memo for Nobody Knows II, my first memo during the Covid-19 pandemic., The Uncertain Outlook In my February memo 2024 in Review, which went only to clients, I said the word to describe the Trump administration was “uncertainty.”, Truly nobody knows, and a lot of this memo will be about things we can’t know for sure., Note that in my March 2022 memo, The Pendulum in International Affairs, I observed that between 1995 and 2020, U.S. consumer durable prices declined by 40% in real terms and total inflation averaged only 1.8% per year.
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.
How the Game Should Be Played

A l l R i g h t s R e s e r v e d Memo to: OaktreeClientsandFriends From: HowardMarks Re: HowtheGame Should Be Played One of the questions asked most often in connection with our leaving to form Oaktree - - perhaps second only to "where'd the name come from?", I believe this is the way much of the investment world thinks, but it's Uthe opposite of what we believe in.U In fact, I wrote a memo in 1990 to take issue with a money manager who justified his poor recent performance by saying "If you want to be in the top 5% of money managers, you have to be willing to be in the bottom 5%, too."
The Complete Collection

And that’s the point of this memo., That’s what this memo is about., But I think it’s worth a memo., And thus this section of my memo., In my memo What Really Matters?
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.
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.