295 results for "memo":

Showing 171 - 180 of 295 results

The Folly of Certainty

And, with that, I had the subject of this memo: not whether Biden will continue campaigning or drop out – or whether he’ll win if he continues – but rather how anyone can be without doubt., , has supplied an interesting tidbit for this memo on the subject of economists’ conclusions: I use the Philly Fed’s Anxious Index (the probability of a decline in real GDP in the upcoming quarter) as an indicator that a recession has ended., Back in mid-2020, when the pandemic seemed to have become a more or less understood phenomenon, I slowed the pace of my memo writing from the one-a-week pattern of March and April., P.S.: Last summer’s Grand Slam tennis tournaments provided the inspiration for my memo Fewer Losers, or More Winners?, Similarly, this past Saturday’s women’s final match at Wimbledon has provided a snippet for this memo.
Down to the Wire

Memo to: OaktreeClients From: Howard M a r k s R e : DowntotheWire Here are the ingredients in the plot: A problem everyone’s aware of., I’ve decided to devote a memo to the debt issue and its significance.
How Quickly They Forget

Memo to: Oaktree Clients From: Howard Marks Re: How Quickly They Forget In January 2004 I received a letter from Warren Buffett (how’s that for name dropping?), And that’s the point of this memo., Market Conditions Today In May 2005, I wrote a memo entitled “There They Go Again,” complaining that investors were taking excessive comfort from mindless platitude of the type that accompany and abet the creation of every bubble., In particular, in the 30 months following the publication of that memo, high yield bonds went on to return a total of 19.7%., Prudent Behavior in a Low-Return World The 2005 memo I mentioned earlier, “There They Go Again,” proceeded from the discussion of the low and flat risk/return curve contained in “Risk and Return Today” to ponder what investors might do in times of low prospective returns and risk premiums.
Déjà Vu All Over Again

Memo to: OaktreeClients From: Howard Marks Re: DéjàVuAll Over Again What good is history?, As I read it thoroughly for the first time in 33 years, my wife Nancy‟s battle cry rang out: “This calls for a memo.”, In fact, Yogi supplied the title for this memo, saying “It‟s déjà vu all over again.”, In the memo, I mentioned that California had undergone a five-year drought., One More Round I‟m amazed at how often, just as I‟m about to complete a memo, I come across the right coda with which to bring it to an end.
The Calculus of Value

What was I to do but start in on a memo?, I hope it’ll do the same for you. * * * January 2 of this year was the 25th 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., Yield spreads – the amount of incremental yield investors demand if they’re going to give up the safety of Treasury securities and buy corporate debt for its higher yields – are approaching all-time lows and are less generous than they were when I wrote the memo Gimme Credit in March.
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., Since writing that memo, I’ve concluded that this way of thinking about things has a great many applications., In my memo What Really Matters?
Dare to Be Great II

All Rights Reserved Memo to: Oaktree Clients From: Howard Marks Re: Dareto Be Great II In September 2006, I wrote a memo entitled Dare to Be Great, with suggestions on how institutional investors might approach the goal of achieving superior investment results.,  Most importantly for the purposes of this memo, how will you define success, and what risks will you take to achieve it?, In the memo I mentioned my favorite fortune cookie: “the cautious seldom err or write great poetry.”, This goes all the way back to the beginning of this memo, and each organization’s need to establish its creed., Some of this comes from my last memo, on the role of luck
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.
Plan B

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 : Plan B O v e r t h e l a s t d e c a d e o r t w o , P l a n A c o n s i s t e d o f r e l ying on the free market to maximize economic growth and efficiency (as described in “The Aviary,” May 2008)., * * * The trouble with memo writing at times like these is that there’s always more.