303 results for "memo":
Showing 181 - 190 of 303 results
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.
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.
Will It Be Different This Time
A l l R i g h t s R e s e r v e d Memo to: OaktreeClients and Friends From: Howard Marks Re: WillItBeDifferentThisTime?, Nevertheless, 51 of the 53 "top economists" surveyed by Blue Chip newsletter (my favorite experts and the subject of my July 22, 1996 memo) predict growth next year of 1.5% or more.
Hey Steward!!
A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: HowardMarks Re: Hey,Steward!!, My October memo “The Feeling’s Mutual” argued that late trading wasn’t the worst thing going on in the mutual fund industry., [Before I go further, I want to do something I failed to do in October: make clear that neither my earlier memo nor this one is intended as a universal indictment of the mutual fund industry.
What Can We Do for You?
Memo to: Oaktree Clients From: Howard Marks Re: What Can We Do For You?, Oaktree on Market Timing This memo provides an ideal opportunity for me to discuss Oaktree’s position on these matters and address some potential inconsistencies., Thoughts on Portfolio Positioning I’m going to use the context of this memo to set out a way of thinking about portfolio structuring that I’ve developed recently, and to show how I would apply it today.
Gimme Credit
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 Versus Equities I’ve written about equity valuations – primarily referencing the Standard & Poor’s 500 – as recently as this January in my memo On Bubble Watch.
I Beg to Differ
The Essential Difference In 2006, I wrote a memo called Dare to Be Great., Many years have passed since I wrote that memo, and the investing world has gotten a lot more sophisticated, but the message conveyed by the matrix and the accompanying explanation remains unchanged., Talk about simple – in the memo, I reduced the issue to a single sentence: “This just in: You can’t take the same actions as everyone else and expect to outperform.”, Thus, in 2014, I followed up on 2006’s Dare to Be Great with a memo creatively titled Dare to Be Great II., And yet, as I mentioned in my January memo, Selling Out, the S&P 500 has returned about 10½% a year on average over that century-plus.
How Does an Inefficient Market Get That Way
Well, this memo was occasioned by an article in "Pensions & Investments" reporting consultant SEI's recommendation that pension plan sponsors invest 10% to 30% of their fixed income portfolios in high yield bonds.