280 results for "memo":
Showing 221 - 230 of 280 results
You Can't Predict You Can Prepare
A l l R i g h t s R e s e r v e d For the title of this memo I’ve borrowed the tagline from Mass Mutual’s advertising campaign., Memo to: OaktreeClients From: Howard M a r k s R e : YouCan't Predict., I described in my last memo, "What Lies Ahead?, In April 1991 , in just my second general memo to clients, I described the market as follows: The mood swings of the securities markets resemble the movement of a pendulum.
First Quarter Client Performance
A l l R i g h t s R e s e r v e d Memo to: Clients From: Howard M a r k s T r u s t C o mpany of the West Re: FirstQuarter Performance The mood swings of the securities markets resemble the movement of a pendulum.
The Winds of Change
Yet there are changes taking place, and they’ll be the subject of this memo., In my January memo, Something of Value, I described some of the changes technology is making in the business world., In August 2008, on the way to ending my memo What Worries Me, I included a passage from the 2004 book Running on Empty by Pete Peterson (for those who weren’t in the business world in the 20th century, Pete held important positions in government and co-founded Blackstone with Steve Schwarzman): . . . while our problems are not yet intractable, both political parties are increasingly incorrigible., 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.
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:
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.
Now What
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 : Now W h a t ?, And there you have it: five pages devoted to the past in a memo about the future.
The Aviary
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 : The A v i a r y R a t h e r t han dwell this time on a single subject, I want to cover a few., My December memo “No Different This Time” included the following among the key lessons of ‘07: Investment survival has to be achieved in the short run, not on average over the long run.
More on Repealing the Laws of Economics
Last September, I wrote a memo titled Shall We Repeal the Laws of Economics?, Rent Control A prime example discussed in my September memo was rent control., On April 9, in my memo Nobody Knows (Yet Again), I guessed at President Trump’s goals in enacting them as follows: support U.S. manufacturing discourage imports encourage exports shrink or eliminate our trade deficit make supply chains more secure through onshoring deter unfair trade practices aimed at the U.S. force other countries to the negotiating table generate revenue for the U.S.
Conversation Conference 2024
I don’t think it should be. 2 Now, the memo focuses on the period from ‘09, at the beginning of which, the Fed took the fed funds rate to zero for the first time in history to fight the Global Financial Crisis, to the end of ‘21 when it gave up on inflation being transitory and decided to raise interest rates, which it did in early ‘22., The memo I put out in January entitled Easy Money was actually inspired by an English financial historian named Edward Chancellor and a book he wrote called The Price of Time.
Are You An Investor or a Speculator
Memo to: Oaktree Clients and Friends From: Howard Marks Re: Are You An Investor or a Speculator?, In an April 1991 memo entitled "The Pendulum," we discussed the market's usual oscillation between euphoria and depression, and thus between overpriced and underpriced.