303 results for "memo":
Showing 191 - 200 of 303 results
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.
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.
The Calculus of Value (Audio)
In his latest memo, Howard Marks sets forth the essence of value and price, as well as the critical relationship between the two.
Thinking About Macro
To invert the Buffett quote that began this memo, the macro future may not be knowable, but it certainly is important., That’s why I’m devoting a memo to a subject I largely disavow., As a result, I wrote a memo saying the market needed a trip to a psychiatrist (On the Couch, January 14, 2016)., I concluded my 2016 memo What Does the Market Know?, The answer lies in the title of a 2002 memo of mine: You Can’t Predict.
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.
Expert Opinion
All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: Expert Opinion In August, I mentioned that I had chosen the title “Political Reality” for my memo in part because of my liking for oxymorons., This memo was inspired by a thought that popped into my head when the outcome of the election settled in., You may point out that at the end of my November 14 memo “Go Figure!, Anyway, this memo isn’t about politics, it’s about opinions., I’ll start this memo by reflecting on them.
I Beg to Differ
The Essential Difference In 2006, I wrote a memo called Dare to Be Great., Talk about simple – in the memo, I reduced the issue to a single sentence: “This just in: You can’t take the same actions as everyone else and expect to outperform.”, Thus, in 2014, I followed up on 2006’s Dare to Be Great with a memo creatively titled Dare to Be Great II., And yet, as I mentioned in my January memo, Selling Out, the S&P 500 has returned about 10½% a year on average over that century-plus., Ever since I quoted Bill Miller in that memo, I’ve been impressed by his formulation that “it’s time, not timing” that leads to real wealth accumulation.
Political Reality
All Rights Reserved Follow us: Memo to: OaktreeClients From: Howard M a rks Re: Political R e a lity My last memo, in May, was on the subject of “Economic Reality.”, I have no interest in writing a memo about Brexit itself., Economic Reality: Choices and Consequences The May memo described the ways in which economics defines and constrains reality in business, investing and everyday life., All Rights Reserved Follow us: Topull this part of the memo together, I can’t overstate my appreciation for the way Thomas Friedman described the UK’s situation in The New York Times on June 29: A major European power, a long-time defender of liberal democracy, pluralism and free markets, falls under the sway of a few cynical politicians who see a chance to exploit public fears of immigration to advance their careers., All Rights Reserved Follow us: * * * I wrote this memo to explain what happened in the UK this year and what I think is happening in the U.S.
The Winds of Change
All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks R e: The Winds of Change The last 20 months have been a most unusual period, thanks primarily to the pandemic, yet many things feel like they haven’t changed over that time span., Yet there are changes taking place, and they’ll be the subject of this memo., All Rights Reserved Follow us: In my January memo, Something of Value, I described some of the changes technology is making in the business world., But it has to be part of a memo that purports to discuss important changes that are underway., Senior economics consultant Neil Irwin summed up our situation very well in The New York Times on April 16, 2020 (I borrowed this quote for inclusion in my May 2020 memo Uncertainty.): The world economy is an infinitely complicated web of interconnections.