296 results for "memo":
Showing 271 - 280 of 296 results
It's Not Easy
All Rights Reserved Memo to: Oaktree Clients From: Howard Marks Re: It’s Not Easy In 2011, as I was putting the finishing touches on my book The Most Important Thing, I was fortunate to have one of my occasional lunches with Charlie Munger., This memo is largely about the challenges they present, • In my memo on liquidity in March, I borrowed an idea from my son Andrew: If you look longingly at the chart for a stock that has risen for twenty years, think about how many days there were when you would’ve had to talk yourself out of selling.
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. election season got into full swing, making it compelling., 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.
Bubble
A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: HowardMarks Re: bubble.com Thebook"DevilTaketheHindmost" by Edward Chancellor does an excellent job of chronicling the history of financial speculation., * * * I will devote the rest of this memo to what certainly seems to me to be another market bubble.
Transcript - Founders Unplugged
H o w a rd I wrote a memo in, I think it was 2003, called The Most Important Thing, which was a precursor for the book., It said in that memo that the keys to a successful partnership is shared values and complementary skills.
The Roundup: Top Takeaways from Oaktree’s Quarterly Letters – September 2025 Edition
Plus, we’ve included an excerpt from Howard Marks’s latest memo. 1 Market Outlook:Worrisome Equity Valuations Howard Marks Co-Chairman A bit over half of the S&P 500’s jaw-dropping 58% two-year total return in 2023-24 was attributable to the spectacular performance of just seven stocks, those of the so-called “Magnificent Seven” – Apple, Microsoft, Alphabet (parent company of Google), Amazon, Meta Platforms (parent company of Facebook), Nvidia, and Tesla.2 These are great companies – some are the best companies ever – and these seven stocks have grown to represent a startling one-third of the total market value of the 500-stock index.
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.
Performing Credit Quarterly 2Q2022: Shifting Gears
Consequently, the yield on the 10-year Treasury note fell by 45 bps between June 13 and June 30, while yield spreads widened across credit asset classes.1 As we assess recession risk and how an economic downturn might impact credit markets, we’re reminded of something Howard Marks recently wrote in his memo Bull Market Rhymes : The price of an asset is based on fundamentals and how people view those fundamentals.
Performing Credit Quarterly 4Q2023: The Goldilocks Trap
As Howard recently noted in his memo Easy Money: Low interest rates made it: easy to run a business, with the stimulated economy growing unabated for more than a decade; easy for investors to enjoy asset appreciation; easy and cheap to lever investments; easy and cheap for businesses to obtain financing; and easy to avoid default and bankruptcy.
Latest Update
All Rights Reserved Follow us: Memo to: Oaktree Clients Only From: Howard Marks Re: Latest Update I’m going to do all I can to provide information and views throughout this crisis, albeit perhaps without the kind of narrative or literary flourish I usually try for.
The Roundup: Top Takeaways from Oaktree’s Quarterly Letters - March 2024 Edition
Private credit based on Oaktree observations in the market, as of February 29, 2024. 3 Oaktree Co-Chairman Howard Marks discussed this view in detail in his recent memo, Easy Money. 4 This refers to the yield-to-two-year-call. 5 Based on Oaktree observations in the market, as of February 29, 2024. 6 Bank of America, as of January 5, 2024. 7 JP Morgan, as of February 14, 2024. 8 Based on estimates from industry peers, as of October 26, 2023. 9 Real Capital Analytics, as of February 29, 2024. 10 Refinitiv Global Focus Convertible Bond Index (USD Hedged), FTSE All-World Total Return Index (Local Currency), as of December 31, 2023. 11 Bloomberg, as of January 31, 2024. 12 BofA Global Research, as of December 31, 2023. 13 BofA Global Research, as of December 31, 2023. 14 MSCI China Index, as of January 31, 2024