286 results for "memo":

Showing 201 - 210 of 286 results

I Beg to Differ

The Essential Difference In 2006, I wrote a memo called Dare to Be Great., Many years have passed since I wrote that memo, and the investing world has gotten a lot more sophisticated, but the message conveyed by the matrix and the accompanying explanation remains unchanged., 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.
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.
Etorre's Wisdom

A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: HowardMarks Re: Etorre's Wisdom My memos evoke a wide variety of reactions., This memo will serve as a good example: it was inspired by a ride I took this summer with my son Andrew.
Commemorating 25 Years of Mastering the Market Cycle

.• 1988 marks the peak in S&L failures, part of a slow-moving crisis that would see more than 1,000 institutions fail. 1990 Oaktree • 1990: Howard writes his first investment memo, The Route to Performance , stating that “if you can avoid the losers (and losing years), the winners will take care of themselves.”, In particular, they’re rattled once again in 1998 when prominent hedge fund Long-Term Capital Management melts down. 2000 Oaktree • 2000: In his first memo of the new century, Howard expresses caution regarding the dot-com bubble: “To say [tech stocks] have benefited from a boom of colossal proportions and should be examined very skeptically is something I feel I owe you.”• Starting in late 2004, Oaktree begins to invest in smaller amounts and more cautiously, as its portfolio managers detect “too much trust and too little worry” in the markets.• 2007: Oaktree begins to gear up for an expanded opportunity for distressed debt investing.• Late 2008: In the last 15 weeks of 2008, in the face of widespread fear of a systemic collapse of financial markets, Oaktree invests ~$600 million per week following the bankruptcy of Lehman Brothers.• 2009:
The Outlook for Equities

Memo to: OaktreeClients From: Howard Marks Re: The Outlook for Equities It doesn‟t take much to get me started on a memo., Valuing Stocks Today The underlying reason it took so little from FierceFinance to get me going on this memo is that I had a lot of pent-up thoughts about equities and their current valuation., I‟m not going to drag you through it again, but I will copy over parts of that memo from a year ago: . . . people have been throwing in the towel and selling stocks., Those low expectations, when combined with modest fundamental and psychological improvement, gave the S&P 500 a return of about 13% over the year since that memo was written.
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
Time for Thinking

My memo writing followed suit: one a week for the first six weeks, and a total of ten over 18 weeks., After starting off at that rapid clip, I haven’t issued a memo in more than a month – which might seem like a long interval until you realize the norm in recent years has been only one per quarter., All Rights Reserved Follow us: the end of this memo for postscript in which I discuss the significance of that reported 32.9% decline.), And in a memo on this subject in June of last year, I wrote, “in areas like technology and digital business models, I’d bet things will be different more than the 20% of the time Templeton cited.”, However, thinking about the results in connection with writing this memo raised some questions: • I had immediately assumed Q2 GDP was down $1.81 trillion, or 32.9%, from Q2 of last year.
The Feeling's Mutual

A l l R i g h t s R e s e r v e d Memo To: OaktreeClients From: HowardMarks Re: TheFeeling's Mutual Throughout the recent, seemingly endless series of scandals, complaints, settlements, indictments and meltdowns involving corporations, auditors, brokerage firms, investment banks and hedge funds, the mutual fund industry remained untouched.
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.
On the Couch

All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: On the Couch I woke up early on Saturday, December 12 – the morning after a day of significant declines in stocks, credit and crude oil – with enough thoughts going through my mind to keep me from going back to sleep., Thus I moved to my desk to start a memo that would pull them together., This memo is my attempt to send the markets to the psychiatrist’s couch, and an exploration of what might be learned there. 2012-14: An Uncertain World In September 2012, I wrote a memo called “On Uncertain Ground.”, Almost 25 years ago, in my second memo (“First Quarter Performance,” April 1991), I introduced the concept of the investment pendulum: Although the midpoint of its arc best describes the location of the pendulum “on average,” it actually spends very little of its time there., Case In Point – Oil On December 12, as I began to write this memo, the Financial Times provided several examples of the negative thinking being applied.