295 results for "memo":
Showing 131 - 140 of 295 results
Quo Vadis?
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 : Q u o V a d i s ?, I've been cautious for a long time – in fact, I don't remember ever having written a bullish piece on stocks – and this memo is unlikely to be any different.
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.
Lessons from Silicon Valley Bank
A Word on Regulation In March 2011, in the aftermath of the GFC, I published a memo called On Regulation ., Combine developments like these with the reality that (a) interest rates are no longer declining or near zero; (b) the Fed can’t be as accommodative as it was in the last few crises, because of today’s elevated inflation; and (c) negative developments are popping up in portfolios, and I think the case made in my previous memo, Sea Change (December 2022), has been bolstered., * * * While I don’t foresee widespread contagion – either psychological or financial – arising from the SVB failure alone, I can’t end a memo on U.S. banks without mentioning one of the biggest worries they face today: the possibility of problems stemming from loans against commercial real estate (“CRE”), especially office buildings.
Returns Absolute Returns and Risk
A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: HowardMarks Re: Returns,AbsoluteReturns and Risk UWhat’s In a Name?, According to the article that inspired this memo, “Today, the term ‘absolute return’ seems to be used most often to describe what wealthy individual investors have always called hedge funds.”, When I wrote the memo “Risk” in February, I thought I had hit on something when I observed that risk is not measurable even after the fact.
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.
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.
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."
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
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).
Is It a Bubble?
© 2025 Oaktree Capital Management, L.P All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: Is It a Bubble?, During my visits to clients in Asia and the Middle East last month, I was often asked about the possibility of a bubble surrounding artificial intelligence, and my discussions gave rise to this memo., I took the quote that opens this memo from Derek Thompson’s November 4 newsletter entitled “AI Could Be the Railroad of the 21 st Century., As I wrote in my January memo On Bubble Watch, bubbles are temporary manias in which developments in those areas become the subject of what former U.S., Derek Thompson, who supplied the quote with which I opened this memo, ended his newsletter with some terrific historical perspective: The railroads were a bubble and they transformed America.