295 results for "memo":
Showing 181 - 190 of 295 results
Taking the Temperature
Thus, I said so in the memo bubble.com, which was published as 2000 began., In July 2007, I published the memo It’s All Good, in which I was more emphatic (and had better timing): Where do we stand in the cycle?, Here’s how I put it in a memo I wrote that day: Skepticism and pessimism aren’t synonymous., This is how things stood in March 2012, when I wrote the memo Déjà Vu All Over Again., As I wrote in that same memo: What do we know?
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., 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., October 11, 2023 Endnotes 1 All market data cited in this memo is as of May 30, 2023.
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).
The Lessons of Oil
All Rights Reserved Memo to: Oaktree Clients From: Howard Marks Re: The Lessons of Oil I want to provide a memo on this topic before I – and hopefully many of my readers – head out for year- end holidays.
Now It’s All Bad?
A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: HowardMarks Re: NowIt’sAllBad?, It all reminds me of a point I made in my second memo, “First Quarter Performance” (April 1991): Although the midpoint of its arc best describes the location of the pendulum “on average,” it actually spends very little of its time there.
Getting Lucky
Memo to: Oaktree Clients From: Howard Marks Re: Getting Lucky Sometimes these memos are inspired by a single event or just one thing I read., This one – like my first memo 24 years ago – grew out of the juxtaposition of two observations., The Role of Luck The first inspiration for this memo came in early November, when I picked up a copy of the Four Seasons Magazine in my hotel room in Riyadh, Saudi Arabia., The second inspiration for this memo came from a report entitled Alpha and the Paradox of Skill by Michael Mauboussin of Credit Suisse.
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?
Mr. Market Miscalculates
I referred them to my 2016 memo On the Couch., As I wrote over 33 years ago, in only my second memo: The mood swings of the securities markets resemble the movement of a pendulum. . . . between euphoria and depression, between celebrating positive developments and obsessing over negatives, and thus between overpriced and underpriced., It’s highly applicable to the market tremor that inspired this memo.
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.