298 results for "memo":
Showing 201 - 210 of 298 results
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 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.
The Happy Medium
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: TheHappy Medium My second general memo to clients was dated April 11, 1991 and imaginatively titled “First Quarter Performance.”, (Emphasis added) Although I’ve learned a great deal in the time since that memo was published, I still think the paragraphs excerpted above capture almost the entire essence of market movements., In November 2001 I wrote a memo on this subject entitled “You Can’t Predict., The memo discussed some of the cycles that affect the investor: The economic cycle evidences moderate fluctuations (although their impact can be profound)., The theme of this memo will be that the cyclical phenomena that so heavily influence our investment outcomes aren’t caused by the operation of institutions or physical laws.
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.
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.
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.
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.
Cockroaches in the Coal Mine
As I mentioned in my memo Gimme Credit in March, the thing people have asked me about most often over the last few years is private credit., As I pointed out in my memo What Does the Market Know?, Investors’ risk tolerance grows, and they tend to focus less on due diligence and more on bidding aggressively for deals (see my memo The Race to the Bottom, February 2007)., One I haven’t mentioned since my memo The Long View in 2009 is the “bezzle,” a concept Galbraith introduced in his book The Great Crash 1929.