231 results for "memo":

Showing 151 - 160 of 231 results

2004-10-06-hedge-funds-a-case-for-caution

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 : HedgeFunds:ACaseforCaution Onceuponatime there was an asset class., I think they also exhibit many of the traits associated with the venture capital boom described on page one of this memo, including widespread investor participation., A l l R i g h t s R e s e r v e d magnitude of the hedge fund movement, a memo on the subject has become inevitable., To start bringing this memo to a close, I’ll cite John Moon and Tim Jensen’s apt enumeration of the possible outcomes in our Emerging Markets Fund’s second quarter letter: We have no idea if the hedge fund boom will peter out after several years of mediocre performance, end in another [Long-Term Capital Management] crescendo, or continue until all money is either indexed or run by hedge funds.

2014-01-16-getting-lucky

Memo to: Oaktree Clients From: Howard Marks Re: Getting Lucky Sometimes these memos are inspired by a single event or just one thing I read., This one – like my first memo 24 years ago – grew out of the juxtaposition of two observations., The Role of Luck The first inspiration for this memo came in early November, when I picked up a copy of the Four Seasons Magazine in my hotel room in Riyadh, Saudi Arabia., The second inspiration for this memo came from a report entitled Alpha and the Paradox of Skill by Michael Mauboussin of Credit Suisse.

2003-09-05-whats-your-game-plan

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 : What’sYourGame Plan?, UFinding Your Role Model An article in the Wall Street Journal of August 8, entitled “Greatness in Our Midst,” supplied the immediate impetus for this memo., A l l R i g h t s R e s e r v e d UBack to Tennis for the Wrap-up Just as this memo was going into the home stretch, the Wall Street Journal’s Allan Barra greeted the start of the U.S.

2013-03-13-the-outlook-for-equities

Memo to: OaktreeClients From: Howard Marks Re: The Outlook for Equities It doesn‟t take much to get me started on a memo., Valuing Stocks Today The underlying reason it took so little from FierceFinance to get me going on this memo is that I had a lot of pent-up thoughts about equities and their current valuation., I‟m not going to drag you through it again, but I will copy over parts of that memo from a year ago: . . . people have been throwing in the towel and selling stocks., Those low expectations, when combined with modest fundamental and psychological improvement, gave the S&P 500 a return of about 13% over the year since that memo was written.

The Anatomy of a Rally

All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: The Anatomy of a Rally The background is well known to all, The possible reasons for the markets’ recovery are many and, as I write this memo, the list is growing as people find more things to take positively., In my memo, On the Couch (January 2016), I wrote that: That’s one of the crazy things: in the real world, things generally fluctuate between “pretty good” and “not so hot.”

2008-08-28-what-worries-me

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 : What Worries M e E s p e c i a l l y i n t i mes like these, people often ask what keeps me up at night., I’m not going to spend this memo discussing things as mundane as investment cycles, or as cosmic as environmental deterioration, global warming or terrorism., I hope this memo will be well received., But I hope this memo will raise some questions in readers’ minds and contribute to constructive debate., * * * I hope you’ll consider this memo constructive, and that it’ll inform or inspire debate.

Gimme Credit

 Memo to: Oaktree Clients From: Howard Marks Re: Gimme Credit The questions I get from clients enable me to understand in real time what’s on their minds., Ever since interest rates got up off the floor in 2022, there’s been increased interest in credit, and that’s why I’m devoting this memo to it., I’ve written so much about this that I’m not going to belabor it further (see my memo Ruminating on Asset Allocation, October 2024), but I’m always available to talk., Credit Ve rsus Equities I’ve written about equity valuations – primarily referencing the Standard & Poor’s 500 – as recently as this January in my memo On Bubble Wa tch.

2001-07-11-whats-it-all-about-alpha

A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: HowardMarks Re: What's It All About, Alpha?, With apologies to Burt Bacharach and Dionne Warwick, whose 1966 rendition for the movie "Alfie" was much more artistic, I couldn't resist adapting their title for a memo on investment theory., Rather than reinvent my own wheel, I'll lift parts of my memo "Irrational Exuberance" from May 2000.

2003-05-16-whats-going-on

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 : What's Going On?, The process of thinking about those subjects has given rise to this memo., UThe Market Cycle at Its Wildest In a memo on cycles entitled "You Can't Predict.

2008-10-15-the-limits-to-negativism

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 : TheLimits to Negativism The markets acted on Monday as if the credit crisis is behind us – how incredible it is to be able to even write those words, whether true or not., (I developed these thoughts last week but just wasn’t quick enough to turn them into a memo., As Bruce Karsh and I wrote ten days ago in a memo to investors in our Opportunities Funds for distressed debt, “. . . in a few years we’ll reminisce together about how easy it was to take advantage of the bargains of 2008-09.”