292 results for "memo":
Showing 211 - 220 of 292 results
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.
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.
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.
You Can’t Eat IRR
A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: HowardMarks Re: YouCan’tEatIRR Untilratherrecently – certainly up to the early 1980s – “investing” was largely synonymous with “stocks and bonds.”, – Real-Life Example #3 Just as this memo was about to go to print, a friend showed me the 2005 report of a fund of funds and asked what I thought of its performance.
The Tide Goes Out
Memo to: OaktreeClients From: Howard M a r k s Re: TheTideGoesOut Foreveryperiod,there’saquotationwhichservesperfectlytoexplainwhat’s going on, and I often find myself borrowing it., In my December memo “No Different This Time” I listed twelve lessons of 2007.
Touchstones
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 : Touchstones I n t h e t w o - p l u s y e a r s s i n c e t h e o n set of the financial crisis, it’s been a regular theme of mine that we should look back, identify the causes and learn from them., “It’s Only When the Tide Goes Out That You Find Out Who’s Been Swimming Naked” When I came across the above quotation from Warren Buffett, I borrowed it for “It’s All Good” (July 16, 2007) and later devoted an entire memo to it (“The Tide Goes Out,” March 18, 2008).
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.
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.
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.