298 results for "memo":

Showing 141 - 150 of 298 results

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."
Fewer Losers More Winner

All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks R e: Fewer Losers, or More Winners?, This time, in my fourth decade of memo -writing, I’m going to devote a few more paragraphs to tennis., In my memo Liquidity (March 2015), I included an insight from my son Andrew., The Role of Risk Bearing I’m going to conclude this memo using my favorite graph., In my memo What Really Matters?
There They Go Again

A l l R i g h t s R e s e r v e d Memo t o : O a k t r e e C l i ents F r o m: Howard M a r k s R e : ThereTheyGoAgain Contributingto...euphoriaaretwofurtherfactorslittlenotedinourtime orinpasttimes., * * * Lately I’ve been speaking a lot from my last general memo, “Risk and Return Today” (October 27, 2004)., I was pleased to get a letter from Peter Bernstein in response to my memo, in which he said something wonderful: “The market’s not a very accommodating machine; it won’t provide high returns just because you need them, ” * * * If you look back at the recurring mistakes listed at the beginning of this memo, you’ll see some common threads.
Lines in the Sand

All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: Lines in the Sand In my 2016 year-end review, which went only to clients, I included a discussion of the use of subscription lines by closed-end funds in areas such as private equity, real estate, distressed debt and private credit., Thus I decided to write this memo on the topic for general circulation., Remember, as I wrote in a 2006 memo with the same title, you can’t eat IRR., My basic point in that memo was that what really matters is how much money an LP makes as a result of having committed to a fund.
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.
Not Enough

All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: Not Enough Whatever affects one directly, affects all indirectly., I’ve struggled to write this memo, and for that reason it’s late in coming.
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.
BTM Fewer Losers or More Winners

 1 Transcript Insights Behind the Memo: Fewer Losers, or More Winners?, Anna Szymanski Hello, and welcome to Behind the Memo with Howard Marks., And in the memo, you explain it through tennis., And that’s where the title of the memo comes from., Anna So as always, do you have any final thoughts about this memo?
There They Go Again...Again

All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: There They Go Again . . ., As I tell it, after ten years without a single response, that one made my memo writing an overnight success., Ditto In January 2013, I wrote a memo entitled “Ditto.”, The Seeds for a Boom My son Andrew worked extensively with me in preparing this memo., Most of what remains for the meat of this memo will consist of descriptions of things afoot in the markets today.
The Best of . . .

Howard Marks October 12, 2025 The Route to Performance October 12, 1990 The Route to Performance is the first memo I wrote., The Realist’s Creed May 31, 2002 This memo serves as an acknowledgement that “I don’t know” is often the only reasonable refrain., This memo reflects my thoughts on how investment management clients might best pursue superior results., All That Glitters December 17, 2010 This memo incorporated all my thoughts about investing in gold., This memo explains that buying at a fair price doesn’t generate alpha – it’s buying at an unreasonably low one that does.