295 results for "memo":
Showing 261 - 270 of 295 results
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.”
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.
So Much That's False Nutty
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 : SoMuchThat’sFalseand Nutty As reported in The New York Times of May 5, Warren Buffett told the crowd at this year’s Berkshire Hathaway annual meeting: There is so much that’s false and nutty in modern investing practice and modern investment banking., Perhaps this memo can help get it back on., In the remainder of this memo, I’ll discuss these trends and their ramifications., A l l R i g h t s R e s e r v e d 14 * * * “Apropos of nothing,” as my mother used to say, I’m going to use the opportunity provided by this memo to discuss market conditions and the outlook.
Shall We Repeal the Laws of Economics
All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: Shall We Repeal the Laws of Economics?, For months, I’ve been saving up clippings for a memo on the above topic, but favorite subjects such as risk, debt, and uncertainty repeatedly jumped the queue, delaying my intended memo until the U.S., Another Case in Point: Rent Control The issue that first suggested this memo several months ago was rent control, something I’ve had personal experience with, having lived in an apartment that rented for $92 a month in 1956, when I was ten.
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.
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?
A Look Under the Hood
The content of the consultant’s session impressed me so much that I decided to write a memo about it., I’m not disclosing the names of the state and its consultant, for obvious reasons, but I’m very pleased that they agreed to let me use the content of the meeting as raw material for this memo.