286 results for "memo":
Showing 31 - 40 of 286 results
The Best of . . .
In his latest memo, Howard Marks sets forth the essence of value and price, as well as the critical relationship between the two., Howard Marks October 12, 2025 The Route to Performance October 12, 1990 The Route to Performance is the first memo I wrote., The Realist’s Creed May 31, 2002 This memo serves as an acknowledgement that “I don’t know” is often the only reasonable refrain., This memo reflects my thoughts on how investment management clients might best pursue superior results., All That Glitters December 17, 2010 This memo incorporated all my thoughts about investing in gold., This memo explains that buying at a fair price doesn’t generate alpha – it’s buying at an unreasonably low one that does.
The Calculus of Value
In his latest memo, Howard Marks sets forth the essence of value and price, as well as the critical relationship between the two., What was I to do but start in on a memo?, I hope it’ll do the same for you. * * * January 2 of this year was the 25th anniversary of my memo bubble.com, the one that put my writing on the map, and I marked the occasion by publishing another memo, called On Bubble Watch., I think of assets that don’t produce operating cash flow or have the potential to do so in the future as not having earning power, and that makes them impossible to value objectively, analytically, or intrinsically (see my 2010 memo about gold, All That Glitters)., I concluded in my January memo that this was troublesome but not threatening, again mostly because the temporary mania or “irrational exuberance” that I believe accompanies – or gives rise to – most bubbles wasn’t present., Yield spreads – the amount of incremental yield investors demand if they’re going to give up the safety of Treasury securities and buy corporate debt for its higher yields – are approaching all-time lows and are less generous than they were when I wrote the memo Gimme Credit in March.
The Rewind - Us and Them
Howard reflects on this memo originally published on May 7, 2004.
The Rewind - It's All a Big Mistake
Howard reflects on this memo, originally published on June 20, 2012, with Bob O’Leary, Global Co-Portfolio Manager of Oaktree’s Global Opportunities strategy.
Further Thoughts on Sea Change
In his latest memo, Howard Marks provides a follow-up to Sea Change, his thought-provoking memo published in December 2022., He argues that the trends he highlighted in the original memo collectively represent a sweeping alteration of the investment environment that calls for significant capital reallocation., This memo was originally sent to Oaktree clients on May 30, 2023.
The Rewind - bubble.com
Howard looks back on his memo titled “bubble.com,” originally published on January 2, 2000, and credited with making his memo writing an “overnight success” after 10 years without a single response.
The Rewind - On the Couch
Howard reflects on this memo originally published on January 14, 2016.
The Insight: Conversations – Special Episode with Annie Duke and Howard Marks
Special guest Annie Duke (former professional poker player, best-selling author) joins Howard Marks to discuss ideas from her book Thinking in Bets and Howard’s memo You Bet!
The Rewind - It Is What It Is
Howard reflects on this memo originally published on March 27, 2006.
The Rewind - What Does the Market Know?
Howard reflects on this memo originally published on January 19, 2016., But he also draws on insights from his latest memo, Thinking About Macro , to consider what it means when the market does get it right.