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.
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.
Conversation at Panmure House
In the late ’90s, I wrote a memo called What's It All About, Alpha?, In the spring of 2007, I wrote a memo called The Race to the Bottom., PS: I’d like to talk more about the memo Investing Without People ., In the memo Investing Without People, there are three sections., The conversation on pp. 7-8 of the pdf of this memo is for illustrative purposes only.
Hows the Market
A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: HowardMarks Re: How's the Market?
On Uncertain Ground
Memo to: OaktreeClients From: Howard M a r k s R e : OnUncertainGround Theworld seems more uncertain today than at any other time in my life., I’m going to devote this memo to the uncertainty in the world and the investment environment and then offer my take on the appropriate strategy response., Each one deserves a memo, but – as I said – I’m trying to be economical with your time and attention, On January 10 of this year, I sent out a “clients-only” memo called “What Can We Do For You?”, I said in that memo that I had come up with three questions that might help in setting strategy
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.
Us and Them
A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: Howard M a rks Re: UsandThem As a kid, I – and probably you – viewed the world in simple terms., In my memo “Returns and How They Get That Way” (November 2002), I gave examples from a brilliant dichotomization propounded by Nicholas Taleeb., May 7, 2004 P.s.: As I wrote this memo, one thing pained me, and I want to address it: I found myself constantly writing “he,” even though I absolutely do not think investing skill is gender-related., So please bear with me; I’m really an equal opportunity memo writer
Go Figure
All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: Go Figure!, That behavior calls to mind my January memo, “On the Couch,” on the subject of the market’s irrationality., In that memo, I included a cartoon showing a newscaster saying, “Everything that was good for the market yesterday was no good for it today.”, * * * This is the last memo on politics for a while, I hope (as may you).
Ruminating on Asset Allocation
When I travel to see clients and spend entire days discussing investing and the markets, memo ideas often pop up., Before I proceed, I want to mention that, from time to time in this memo, I’ll say “generally,” “usually,” or “everything else being equal.”, For the purposes of this memo, however, it might help to think of it as “fixed outcome” investing., The Essential Choice At the outset of this memo, I listed some of the decisions that comprise the asset allocation process., So, in a memo in 2006, I took the same line and superimposed on it some bell-shaped curves representing probability distributions turned on their side.