299 results for "memo":
Showing 211 - 220 of 299 results
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.
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.
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:
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.
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.
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.
Gimme Credit (Audio)
In his latest memo, Howard addresses a common question he’s been receiving over the last few months: “what about credit spreads?”
Cockroaches in the Coal Mine (Audio)
In his latest memo, Howard Marks examines the recent string of well-publicized credit problems.