303 results for "memo":

Showing 161 - 170 of 303 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).
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.
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.
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?
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.
Walking into the Unknown_Transcript

Looking over that year of memo writing, does anything jump out at you?, David The biggest theme, I think, of this year and the thing that I think people are going to look back on a year or so from now and talk about how amazing it was, and I’ll steal the theme from Howard’s Sea Change memo, but really, you have the ability to buy debt with an equity-like prospective return.
Warning Flags

The inspiration for today’s memo came as my pile of clippings began to swell with indications that pre-crisis behavior is coming back., A l l R i g h t s R e s e r v e d 11 * * * I started this memo in late April, but I didn’t get it out before Greece’s financial crisis burst into full bloom last week., This gives me an opportunity to discuss the significance of the recent developments (not the substance, however; that’ll have to await another memo)., Just a few months ago, I published a memo called “Tell Me I’m Wrong” (January 22), in which I listed a number of things that worried me., Here’s how I concluded: My goal in this memo isn’t to express a forecast.
The Calculus of Value

All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: The Calculus of Value On July 28, I flew to South America on a plane without Wi-Fi, leaving me without email or entertainment., What was I to do but start in on a memo?, * * * January 2 of this year was the 25 th anniversary of my memo bubble.com, the one that put my writing on the map, and I marked the occasion by publishing another memo, called On Bubble Watch., I think of assets that don’t produce operating cash flow or have the potential to do so in the future as not having earning power, and that makes them impossible to value objectively, analytically, or intrinsically (see my 2010 memo about gold, All That Glitters)., • I concluded in my January memo that this was troublesome but not threatening, again mostly because the temporary mania or “irrational exuberance” that I believe accompanies – or gives rise to – most bubbles wasn’t present.
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.
Hemlines

 Memo to: OaktreeClients From: Howard M a rks Re: Hemlines While the details change, the pendulum-like fluctuation of investment styles is a constant., This memo will be about recurring patterns, the history of stocks and bonds as I know it, and the adage’s applicability to that history., (Given that I average a memo every couple of months, I find the very idea daunting.)