303 results for "memo":
Showing 221 - 230 of 303 results
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:
Hedge Funds a Case for Caution
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 : HedgeFunds:ACaseforCaution Onceuponatime there was an asset class., I think they also exhibit many of the traits associated with the venture capital boom described on page one of this memo, including widespread investor participation., A l l R i g h t s R e s e r v e d magnitude of the hedge fund movement, a memo on the subject has become inevitable., To start bringing this memo to a close, I’ll cite John Moon and Tim Jensen’s apt enumeration of the possible outcomes in our Emerging Markets Fund’s second quarter letter: We have no idea if the hedge fund boom will peter out after several years of mediocre performance, end in another [Long-Term Capital Management] crescendo, or continue until all money is either indexed or run by hedge funds.
The Calculus of Value (Audio)
In his latest memo, Howard Marks sets forth the essence of value and price, as well as the critical relationship between the two.
The Anatomy of a Rally
All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: The Anatomy of a Rally The background is well known to all, The possible reasons for the markets’ recovery are many and, as I write this memo, the list is growing as people find more things to take positively., In my memo, On the Couch (January 2016), I wrote that: That’s one of the crazy things: in the real world, things generally fluctuate between “pretty good” and “not so hot.”
Returns and How They Get That Way
Memo to: Oaktree Clients From: Howard Marks Re: Returns and How They Get That Way "Where do babies come from?", The Role of Luck To end this memo on returns, I want to spend a few pages discussing the part played by randomness (or luck or chance).
What's Behind the Downturn
Memo to: OaktreeClients From: Howard M a r k s R e : What’sBehindtheDownturn?, Thus I decided to take the occasion of my summer vacation to write a memo parsing the recent events and touching on the outlook.
What Worries Me
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 : What Worries M e E s p e c i a l l y i n t i mes like these, people often ask what keeps me up at night., I’m not going to spend this memo discussing things as mundane as investment cycles, or as cosmic as environmental deterioration, global warming or terrorism., I hope this memo will be well received., But I hope this memo will raise some questions in readers’ minds and contribute to constructive debate., * * * I hope you’ll consider this memo constructive, and that it’ll inform or inspire debate.
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.
What Really Matters
All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks R e: What Really Matters?, I’ve gathered a few ideas from several of my memos this year – plus some recent musings and conversations – to form the subject of this memo: what really matters or should matter for investors.