305 results for "memo":

Showing 181 - 190 of 305 results

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?
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.
What Does the Market Know?

All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: What Does the Market Know?, ” That prompted this memo in response., The rest of this memo will be about fleshing out this theme (meaning you can stop reading here if you’ve had enough or are short on time)., If “On the Couch” wasn’t successful in convincing you this isn’t possible, this memo probably won’t be, either., I set a trap at the beginning of this memo, and I want to spring it now.
The Impact of Debt

My partner Bruce Karsh recently supplied me with a newspaper article about chess that inspired me to write a brief memo called The Indispensability of Risk ., Thus encouraged, I’m following up with another short memo., Housel’s approach to thinking about debt – and especially his illustrations – reminded me of my December 2008 memo, Volatility + Leverage = Dynamite ., (Unless otherwise indicated, this memo is the source of the quotations that follow; in all cases, emphasis is in the original.), In that memo, I used a series of simple graphics to show that the lower a company’s debt load is, the greater the decline in fortune it could survive.
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.
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

All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: Ruminating on Asset Allocation When I travel to see clients and spend entire days discussing investing and the markets, memo ideas often pop up., B efore 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.
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.
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.