292 results for "memo":
Showing 181 - 190 of 292 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.
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.
Which Way Now
All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: Which Way Now?, I will borrow from others for the purposes of exposition in this memo, but not because I have reason to believe they’re correct): • The earliest countries to contract the virus have shown good progress., Last June, in my memo This Time It’s Different, I discussed Modern Monetary Theory, which – to simplify – says federal deficits and debt don’t matter.
The Race Is On
Memo to: Oaktree Clients From: Howard Marks Re: The Race Is On I’ve written a lot of memos to clients over the last 24 years – well over a hundred., I wasn’t aware and didn’t explicitly predict (in that memo or elsewhere) that the unwise lending practices that were exemplified in sub-prime mortgages would lead to a global financial crisis of multi-generational proportions., This memo is about the cycle’s first half: the manic swing toward accommodativeness., It’s primarily these latter elements – rather than securities merely getting pricier – with which this memo is concerned., Toward the end, my 2007 memo included the following paragraph: Today’s financial market conditions are easily summed up: There’s a global glut of liquidity, minimal interest in traditional investments, little apparent concern about risk, and skimpy prospective returns everywhere.
Different
All Rights Reserved Follow us: Memo to: Oaktree Clients Only From: Howard Marks Re: A Different World Our powers and choices are limited in the coronavirus environment, but one thing I can do is communicate., But I decided on Sunday March 1 that the virus called for a memo, and it was issued on March 3.
More on Repealing the Laws of Economics
Last September, I wrote a memo titled Shall We Repeal the Laws of Economics?, Rent Control A prime example discussed in my September memo was rent control., On April 9, in my memo Nobody Knows (Yet Again), I guessed at President Trump’s goals in enacting them as follows: support U.S. manufacturing discourage imports encourage exports shrink or eliminate our trade deficit make supply chains more secure through onshoring deter unfair trade practices aimed at the U.S. force other countries to the negotiating table generate revenue for the U.S.
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.