296 results for "memo":
Showing 291 - 296 of 296 results
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.
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.
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.
The Insight Conversations - Keeping Composed
And Howard’s written a lot about this specifically in his Sea Change memo talking through just the decades of low interest rates that we’ve experienced.
Performing Credit Quarterly 1Q2024: Unusually Uncertain
(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.