305 results for "memo":
Showing 231 - 240 of 305 results
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.
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).
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.
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?
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.