303 results for "memo":
Showing 151 - 160 of 303 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."
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.
What Lies Ahead
A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: HowardMarks Re: WhatLiesAhead?, I must admit that I haven't been looking forward to writing a memo about the economic and investment implications of the attacks.
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.
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?
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.
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.
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.
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).