289 results for "memo":
Showing 221 - 230 of 289 results
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).
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.
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.
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.
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.
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.
Microeconomics
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 Re: Microeconomics 101: Supply, Demand and Convertibles Two principal factors determine whether an investment will be successful.
You Bet
All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: You Bet!, All Rights Reserved Follow us: Thinking in Bets In a past memo, I told a story from my days as a buy-side analyst following the business equipment industry for First National City Bank., And that brings me to the source of the inspiration for this memo: a book called Thinking in Bets: Making Smarter Decisions When You Don’t Have All the Facts by Annie Duke., That brings me to the subject of investing . . . and this memo., All Rights Reserved Follow us: Since her book provided the impetus for this memo, I’ll let Annie Duke sum up.
35 Years of Memos - Transcript
But anyway, that caused me to write the memo., Harry So bubble.com put the memos on the map, the next big crisis, seven or eight years later, the global financial crisis, again, I’ll read an excerpt from quite a timely memo Race to the Bottom, written in February 2007., Did you set out thinking, “Every memo should focus on risk, I should be the expert?”, Howard No, I think, Harry, that the themes, common threads that have developed, were never an intention to, “Let’s mention risk in every third memo,” or something like that., And I wrote a memo 25 years ago, plus or minus, called Us and Them talking about there are two schools of thought.