303 results for "memo":
Showing 31 - 40 of 303 results
Selling Out
Howard Marks' memo explores the crucial investing question: when to sell?, As I’m now in my fourth decade of memo writing, I’m sometimes tempted to conclude I should quit, because I’ve covered all the relevant topics., Then a new idea for a memo pops up, delivering a pleasant surprise., It occurred to me that even though selling is an inescapable part of the investment process, I’ve never devoted an entire memo to it., Origins Much of what I’ll write here got its start in a 2015 memo called Liquidity., That memo evoked the strongest reaction from readers of any of my memos to date.
Further Thoughts on Sea Change (Audio)
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 - 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.
Is It a Bubble?
In his latest memo, Howard Marks explores if there is a bubble in AI, identifying uncertainty, parallels to past bubbles, AI's vast potential, and emphasizing the importance of prudence., During my visits to clients in Asia and the Middle East last month, I was often asked about the possibility of a bubble surrounding artificial intelligence, and my discussions gave rise to this memo., I took the quote that opens this memo from Derek Thompson’s November 4 newsletter entitled “AI Could Be the Railroad of the 21st Century., As I wrote in my January memo On Bubble Watch, bubbles are temporary manias in which developments in those areas become the subject of what former U.S., Derek Thompson, who supplied the quote with which I opened this memo, ended his newsletter with some terrific historical perspective: The railroads were a bubble and they transformed America.
What’s Going on in Private Credit?
In his latest memo, Howard Marks discusses the evolution of the sub-investment grade credit market from its beginnings in the 1970s to its present state., As I wrote in my 2016 memo What Does the Market Know?, I talked about this at length in my February 2007 memo, The Race to the Bottom, on the doorstep of the Global Financial Crisis (I can’t believe it’s almost 20 years old)., As I mentioned a year ago in my memo, Gimme Credit, whereas for a few years the most popular question has been “can we talk about private credit?”, In December 2022, I wrote a memo called Sea Change., The Sea Change memo was the product of a trip Bruce Karsh and I made to clients in the fall of 2022, when travel first became possible post-pandemic.
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 - 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 – Lines in the Sand
Howard reflects on this memo originally published on April 18, 2017., Following up on his classic memo You Can’t Eat IRR, he discusses why financial innovations that can artificially boost IRRs, like subscription lines, should be treated cautiously and why no single performance metric tells the whole story.