295 results for "memo":
Showing 191 - 200 of 295 results
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.
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.
On Uncertain Ground
Memo to: OaktreeClients From: Howard M a r k s R e : OnUncertainGround Theworld seems more uncertain today than at any other time in my life., I’m going to devote this memo to the uncertainty in the world and the investment environment and then offer my take on the appropriate strategy response., Each one deserves a memo, but – as I said – I’m trying to be economical with your time and attention, On January 10 of this year, I sent out a “clients-only” memo called “What Can We Do For You?”, I said in that memo that I had come up with three questions that might help in setting strategy
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.
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.
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.