292 results for "memo":
Showing 281 - 290 of 292 results
Whad Ya Know
A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: Howard M a rks Re: Whad’Ya K n o w ?, UThe Value of Predictions II The P&I survey reminded me of a memo I wrote in 1996 under the above title.
This Time It's Different
All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: This Time It’s Different I first came across the title of this memo in an article titled “Why This Market Cycle Isn’t Different” by Anise C.
Performing Credit Quarterly 3Q2022
As Howard Marks recently wrote in his memo The Illusion of Knowledge, few, i f a n y, i n vestors have the ability to consistently and profitably predict macroeconomic trends.
What Really Matters?
I’ve gathered a few ideas from several of my memos this year – plus some recent musings and conversations – to form the subject of this memo: what really matters or should matter for investors.
Safety First . . . But Where?
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 : Safety First . . .
The LME Wave
In a recent memo revisiting a subject he wrote about 25 years ago, co-chairman Howard Marks outlines why he believes a bubble is more a psychological state than a quantitative calculation: In my view, a bubble not only reflects a rapid rise in stock prices, but it is a temporary mania characterized by – or, perhaps better, resulting from – the following: highly irrational exuberance (to borrow a term from former Federal Reserve Chair Alan Greenspan), outright adoration of the subject companies or assets, and a belief that they can’t miss, massive fear of being left behind if one fails to participate (‘‘FOMO’’), and resulting conviction that, for these stocks, “there’s no price too high.”
Performing Credit Quarterly 1Q2023: Flight Risk
As our co-chairman Howard Marks noted in his most recent memo: When investors think things are flawless, optimism rides high and good buys can be hard to find.
The Most Important Thing
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 : TheMostImportantThing AsImeet with clients and prospects, I repeatedly hear myself say, “the most important thing is x.”
PCQ 1Q2024
(a memo I thought mattered but which garnered relatively little response), the answers to questions about rate cut details aren’t meaningful, as any impact is likely to disappear within a few months.
PCQ 4Q2023
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.