306 results for "memo":

Showing 231 - 240 of 306 results

Learning from Enron

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 : LearningFrom Enron The investigation was not completed until June . . ., The article, and particularly the last sentence quoted above, prompted me to write a year- end memo to Oaktree' s staff stressing the importance of taking "the high road" and describing Enron as "a pretty good example of what Oaktree doesn't want to be, Sherron Watkins might be the closest thing thus far, and she certainly did raise red flags in her memo of August., Before I do so, I'll have to get over the large number of references in her memo not to what was right or wrong, but to what might be found out., I apologize for the length of this memo, but the Enron matter is so sweeping and multi- faceted that I found it inescapable.
Investing Without People

All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: Investing Without People Over the last twelve months I’ve devoted three memos to discussing macro developments, market outlook, and recommendations for investor behavior., This memo covers three ways in which securities markets seem to be moving toward reducing the role of people: (a) index investing and other forms of passive investing, (b) quantitative and algorithmic investing, and (c) artificial intelligence and machine learning., In this memo I’ll use the first of those., Wolf, a former CIO and consultant to some of our clients’ boards, asking which memo contained a quote she likes to use., The Impact on Investing It’s only taken me until page fourteen to get to the issue that prompted me to start in on this memo: what these things imply for the future of our profession.
Coming Into Focus

All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: Coming into Focus Roughly two months have passed since my last memo, Time for Thinking, and still not much has changed in the economy or the markets., Thus, I’m going to use this memo to go into greater detail on a few topics., I touched on a few of them in my last memo, but I’m going to undertake a fuller treatment of the subject here., Further Exposing Inequality Especially in this environment of heightened attention to social and racial justice, I can’t end this memo without touching on some of the many ways in which the recent experience has shed additional light on inequality in our society: • People further down the economic ladder have had less in terms of financial resources to fall back on during the lockdown, and they generally haven’t benefitted from the increase in asset prices that’s been driven by the reduction of interest rates
The Race Is On

Memo to: Oaktree Clients From: Howard Marks Re: The Race Is On I’ve written a lot of memos to clients over the last 24 years – well over a hundred., I wasn’t aware and didn’t explicitly predict (in that memo or elsewhere) that the unwise lending practices that were exemplified in sub-prime mortgages would lead to a global financial crisis of multi-generational proportions., This memo is about the cycle’s first half: the manic swing toward accommodativeness., It’s primarily these latter elements – rather than securities merely getting pricier – with which this memo is concerned., Toward the end, my 2007 memo included the following paragraph: Today’s financial market conditions are easily summed up: There’s a global glut of liquidity, minimal interest in traditional investments, little apparent concern about risk, and skimpy prospective returns everywhere.
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 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.
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.
All That Glitters

A l l R i g h t s R e s e r v e d 1 Memo to: OaktreeClients From: Howard M a r k s R e : AllThatGlitters In 1952, Noah S., Thus it serves well to introduce the topic of this memo: gold.