295 results for "memo":
Showing 221 - 230 of 295 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 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.
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.
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.
Who Knew
A l l R i g h t s R e s e r v e d Memo to: OaktreeClientsandFriends From: HowardMarks Re: WhoKnew?, And yet, in my last memo on September 3, 1997, I may actually have made a correct prediction, as follows: What could cause a market decline?
The Insight Conversations - On the Lookout
Harry We l l , l o o k i n g a t t h e e q u i t y ’s point again, we must mention Howard’s latest memo, Calculus of Va l u e , o u t We d n e s d a y, the 14th of August., Harry Howard does say in the memo, basically, anybody under the age of 35 hasn’t seen a proper crisis.
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.
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.
What's Your Game Plan
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’sYourGame Plan?, UFinding Your Role Model An article in the Wall Street Journal of August 8, entitled “Greatness in Our Midst,” supplied the immediate impetus for this memo., A l l R i g h t s R e s e r v e d UBack to Tennis for the Wrap-up Just as this memo was going into the home stretch, the Wall Street Journal’s Allan Barra greeted the start of the U.S.
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.