299 results for "memo":
Showing 221 - 230 of 299 results
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.”
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.
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.
Gimme Credit
Memo to: Oaktree Clients From: Howard Marks Re: Gimme Credit The questions I get from clients enable me to understand in real time what’s on their minds., Ever since interest rates got up off the floor in 2022, there’s been increased interest in credit, and that’s why I’m devoting this memo to it., I’ve written so much about this that I’m not going to belabor it further (see my memo Ruminating on Asset Allocation, October 2024), but I’m always available to talk., Credit Ve rsus Equities I’ve written about equity valuations – primarily referencing the Standard & Poor’s 500 – as recently as this January in my memo On Bubble Wa tch.
Liquidity
All Rights Reserved Memo to: Oaktree Clients From: Howard Marks Re: Liquidity My wife Nancy’s accusations of repetitiveness notwithstanding, once in a while I think of something about which I haven’t written much., But I think it’s worth a memo., (Several years ago I cited Wikipedia in a memo, and Oaktree co-founder Richard Masson – a stickler for correctness – told me in no uncertain terms that it wasn’t a respectable source., * * * I started this memo by saying liquidity might not be a profound topic.
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).
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.