299 results for "memo":
Showing 251 - 260 of 299 results
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 Calculus of Value (Audio)
In his latest memo, Howard Marks sets forth the essence of value and price, as well as the critical relationship between the two.
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.
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.
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?
Nobody Knows
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 : Nobody K n o w s T h e t i t l e o f t h i s m emo isn’t a joke; I mean it.
The Roundup: Top Takeaways From Oaktree’s Quarterly Letters - 4Q2022
(See Howard’s memo The Illusion of Knowledge for Oaktree’s view on the usefulness of macro forecasting.)
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.”
Tell Me I'm Wrong
A l l R i g h t s R e s e r v e d Memo to: Oaktree Clients From: Howard Marks Re: Tell Me I’m Wrong My readers treat me well., This memo won’t be about the future in general, just the elements I find worrisome., My goal in this memo isn’t to express a forecast.