292 results for "memo":
Showing 251 - 260 of 292 results
Implications of the Election_11716
All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: Implications of the Election I’m starting this memo a week before Election Day., But after a post-election memo in 2012 that proved far too optimistic, I say, “why quit now?”
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 Realists Creed
A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: HowardMarks Re: TheRealist's Creed Early this year, I was asked to write an article for "Trusts & Estates" magazine.
Performing Credit Quarterly 3Q2023: Tails, You Lose?
But, of course, such performance is only possible if managers avoid (or limit) defaults and losses, which is why we believe credit expertise, experience over multiple cycles, and risk control are essential for successful CLO managers. (5) The risk/return calculus for credit versus equity investment may be shifting We’ll give Howard the last word, with an excerpt from his recent memo Further Thoughts on Sea Change: Will asset ownership be as profitable in the years ahead as in the 2009-21 period?
We're Not in 1999 Anymore
A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: HowardMarks Re: We're Not In 1999 Anymore, Toto In "The Wizard of Oz," a tornado carried Dorothy and her dog, Toto, to a land ruled by a mysterious despot in whom people had vested extraordinary powers.
Leaning Toward Value: Emerging Markets Equities After the Pandemic
Howard Marks, our co-chairman, penned these lines in his recent memo “Something of Value” (January 11, 2021), critiquing the often oversimplified distinction between value and growth investing.
The Roundup: Top Takeaways from Oaktree’s Quarterly Letters - March 2023 Edition
In Howard's recent memo Sea Change, he wrote, “We've gone from the low-return world of 2009-21 to a full-return world, and it may become more so in the near term….
Genius Isn't Enough
A l l R i g h t s R e s e r v e d Memo to: OaktreeClientsandFriends From: HowardMarks Re: GeniusIsn't Enough (and Other Lessons from Long-Term Capital Management) On September 24, The Wall Street Journal carried an excellent front-page article regarding the inability of the "crack team" of economic policy makers led by Messrs., Our memo entitled "Risk In Today's Markets" (February 17, 1994) asked the following about 'til-then successful hedge funds: With the average stock or bond returning 10-15% last year, how did some hedge funds make 70% or more?
Hindsight First, Please (or, What Were They Thinking?)
A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: HowardMarks Re: HindsightFirst,Please(or,What Were They Thinking?), My May memo “There They Go Again” discussed the residential real estate boom in depth, and I’m not going to repeat its message., (Most apropos of this memo, but less famously, he also said, “Skepticism is the chastity of the intellect, and it is shameful to surrender it too soon or to the first comer.”)
The New Paradigm
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 : TheNewParadigm When I was a kid, no one ate kiwi fruit or heirloom tomatoes – or had ever heard of them, for that matter., As I mentioned in a memo earlier this year, I’d heard a buyout mogul say, “It’s our job to buy good companies at fair prices and make them better.”, In my memo on hedge funds of two years ago, I cited an insightful piece from Byron Wien of Morgan Stanley called “In Praise of Hedge Fund Volatility.”