305 results for "memo":
Showing 211 - 220 of 305 results
Volatility Leverage Dynamite
The last few years have provided a great demonstration of how dangerous it can be to combine leverage with risky assets, and that’s the subject of this memo., It’ll also pick up on some ideas from my last memo, “The Limits to Negativism.”, My memo “Plan B” on the bailout proposal went out on September 24, and as I lay in bed later that night, I realized that I hadn’t taken one part of it nearly far enough., That’s true as far as it goes, but I’m going to devote this memo to things which could have followed that paragraph., This memo calls on investors to gauge risk and use only appropriate leverage.
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
What's Going on in Private Credit
© 2026 Oaktree Capital Management, L.P All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: What’s Going on in Private Credit?, As Armen, Bob, and Craig wrote in a recent internal memo: 6 © 2026 Oaktree Capital Management, L.P., As I wrote in my 2016 memo What Does the Market Know?, As I mentioned a year ago in my memo, Gimme Credit, whereas for a few years the most popular question has been “can we talk about private credit?”, In December 2022, I wrote a memo called Sea Change.
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.
Expert Opinion
All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: Expert Opinion In August, I mentioned that I had chosen the title “Political Reality” for my memo in part because of my liking for oxymorons., This memo was inspired by a thought that popped into my head when the outcome of the election settled in., You may point out that at the end of my November 14 memo “Go Figure!, Anyway, this memo isn’t about politics, it’s about opinions., I’ll start this memo by reflecting on them.
I Beg to Differ
The Essential Difference In 2006, I wrote a memo called Dare to Be Great., 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., Ever since I quoted Bill Miller in that memo, I’ve been impressed by his formulation that “it’s time, not timing” that leads to real wealth accumulation.
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.
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:
Oaktree Capital Management
Feb 3, 2026 Dispersion Read Market Commentary Jan 14, 2026 Europe with Nael Khatoun, Madelaine Jones, and Suzana Perić Listen View All Press View All Apr 2, 2026 Bloomberg: Oaktree's Panossian Says Private Credit Correction Not Systemic Watch Mar 13, 2026 Bloomberg: Credit Trading Feels 'Orderly,' Oaktree's Poli Says Watch Mar 5, 2026 CNBC: Oaktree’s Howard Marks Says There’s No Systemic Problem With Private Credit Watch Follow Us View All Apr 9, 2026 In his latest memo, #OaktreeInsights Read: https://oaktreecapital.com/insights/memo/whats-going-on-in-private-credit What’s Going on in Private Credit?