286 results for "memo":
Showing 181 - 190 of 286 results
Sea Change
As I wrote in the memo On the Couch (January 2016), whereas events in the real world fluctuate between “pretty good” and “not so hot,” investor sentiment often careens from “flawless” to “hopeless” as events that were previously viewed as benign come to be interpreted as catastrophic.
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.
Further Thoughts on Sea Change
All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks R e: Further Thoughts on Sea Change In May, I wrote a follow-up memo to Sea Change (December 2022) that was shared exclusively with Oaktree clients., In Further Thoughts on Sea Change, I argued that the trends I had highlighted in the original memo collectively represented a sweeping alteration of the investment environment that called for significant capital reallocation., This memo was originally sent to Oaktree clients on May 30, 2023. 1 This Time It Really Might Be Different On October 11, 1987, I first came across the saying “this time it’s different.”, As I mentioned in my December memo, the 13 years in question were a difficult, dreary, low-return period for credit investors, including Oaktree., When I got home, I wrote the memo and began to discuss its thesis.
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.
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.
What's It All About Alpha
A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: HowardMarks Re: What's It All About, Alpha?, With apologies to Burt Bacharach and Dionne Warwick, whose 1966 rendition for the movie "Alfie" was much more artistic, I couldn't resist adapting their title for a memo on investment theory., Rather than reinvent my own wheel, I'll lift parts of my memo "Irrational Exuberance" from May 2000.
What's Going On
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 : What's Going On?, The process of thinking about those subjects has given rise to this memo., UThe Market Cycle at Its Wildest In a memo on cycles entitled "You Can't Predict.
The Limits to Negativism
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 : TheLimits to Negativism The markets acted on Monday as if the credit crisis is behind us – how incredible it is to be able to even write those words, whether true or not., (I developed these thoughts last week but just wasn’t quick enough to turn them into a memo., As Bruce Karsh and I wrote ten days ago in a memo to investors in our Opportunities Funds for distressed debt, “. . . in a few years we’ll reminisce together about how easy it was to take advantage of the bargains of 2008-09.”
It's All a Big Mistake
Memo to: OaktreeClients From: Howard M a r k s R e : It’sAllaBigMistake Mistakes are a frequent topic of discussion in our world., Hearing Bob put it that way gave me the immediate inspiration for this memo., I’ve mentioned before the frequency with which I feel I come across a particularly apt quote just when I need it for a memo in the making.