306 results for "memo":
Showing 251 - 260 of 306 results
Shall We Repeal the Laws of Economics – Part III
© 2026 Oaktree Capital Management, L.P. 1 A ll Rights Reserved Memo to: Clients From: Howard Marks Re: Shall We Repeal the Laws of Economics – Part III In September 2024 and June 2025, I wrote memos that were critical of governments’ attempts to override the laws of economics, based on my conviction that trying to do so is likely to prove ineffective and potentially harmful., You can easily turn a 1,000 mark note into a 1,000,000 mark note, but it’s likely to still buy just one goat (as I wrote in my memo The Limits to Negativism in 2008).
The Outlook for Equities
Memo to: OaktreeClients From: Howard Marks Re: The Outlook for Equities It doesn‟t take much to get me started on a memo., Valuing Stocks Today The underlying reason it took so little from FierceFinance to get me going on this memo is that I had a lot of pent-up thoughts about equities and their current valuation., I‟m not going to drag you through it again, but I will copy over parts of that memo from a year ago: . . . people have been throwing in the towel and selling stocks., Those low expectations, when combined with modest fundamental and psychological improvement, gave the S&P 500 a return of about 13% over the year since that memo was written.
The Insight Conversations - On the Lookout
Harry We l l , l o o k i n g a t t h e e q u i t y ’s point again, we must mention Howard’s latest memo, Calculus of Va l u e , o u t We d n e s d a y, the 14th of August., Harry Howard does say in the memo, basically, anybody under the age of 35 hasn’t seen a proper crisis.
Now What
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 : Now W h a t ?, And there you have it: five pages devoted to the past in a memo about the future.
The Aviary
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 : The A v i a r y R a t h e r t han dwell this time on a single subject, I want to cover a few., My December memo “No Different This Time” included the following among the key lessons of ‘07: Investment survival has to be achieved in the short run, not on average over the long run.
It's Greek to Me
Memo to: OaktreeClients From: Howard M a r k s R e : It’sGreekto Me In the early part of this decade, I reviewed a few books for the Sunday Los Angeles Times., It’s been challenging to organize all I’ve learned and boil it down for a memo, but here it is, was the title of a memo I wrote on March 5, 2009, discussing whether the Obama administration’s rescue plan would be successful., My purpose in writing this memo was to summarize and explain the developments in Europe, and that’s the vein in which I started.
Risk in Todays Markets
A l l R i g h t s R e s e r v e d Memo To: Clients From: HowardS.Marks,TCW Re: RiskinToday's Markets The ability of the stock market to react so harshly on February 4 to a small, Fed- mandated rise in interest rates, pushing the Dow down 96 points, suggests a lack of preparedness for negative developments.
On the Couch
All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: On the Couch I woke up early on Saturday, December 12 – the morning after a day of significant declines in stocks, credit and crude oil – with enough thoughts going through my mind to keep me from going back to sleep., Thus I moved to my desk to start a memo that would pull them together., This memo is my attempt to send the markets to the psychiatrist’s couch, and an exploration of what might be learned there. 2012-14: An Uncertain World In September 2012, I wrote a memo called “On Uncertain Ground.”, Almost 25 years ago, in my second memo (“First Quarter Performance,” April 1991), I introduced the concept of the investment pendulum: Although the midpoint of its arc best describes the location of the pendulum “on average,” it actually spends very little of its time there., Case In Point – Oil On December 12, as I began to write this memo, the Financial Times provided several examples of the negative thinking being applied.
On Regulation
Memo to: Oaktree Clients From: Howard Marks Re: OnRegulation I’ve been asked why there weren’t any memos during the twelve weeks between September 9 and December 1., It pulls together all of the strands of my philosophy into what might be thought of as a super-memo.
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?