The Indispensability of Risk

That’s why I’ve written a memo comparing investing to sports in each of the four decades I’ve been writing memos and one connecting investing and card playing in 2020., Few people know that Bruce is a chess player, and I hadn’t thought about this fact for years, but the article provided a good reminder and moved me to dash off this memo., Relevant lessons from sports (included in past memos) are easily accessed and also very helpful: • “You miss 100% of the shots you don’t take.” – Wayne Gretzky, NHL Hall of Famer • “You have to give yourself a chance to fail.” – Kenny “The Jet” Smith, two-time NBA champion I’ll sum up with a paragraph from my memo of last September, Fewer Losers, or More Winners?, This memorandum is being made available for educational purposes only and should not be used for any other purpose., This memorandum, including the information contained herein, may not be copied, reproduced, republished, or posted in whole or in part, in any form without the prior written consent of Oaktree.

Mr. Market Miscalculates

All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: Mr., I referred them to my 2016 memo On the Couch., I wrote over 33 years ago, in only my second memo: The mood swings of the securities markets resemble the movement of a pendulum. . . ., It’s highly applicable to the market tremor that inspired this memo., This memorandum is being made available for educational purposes only and should not be used for any other purpose.

On Bubble Watch

The memo had two things going for it: it was right, and it was right fast., Some of what I write here will be familiar to anyone who read my December memo about the macro picture., I’ve written about it several times in my memos, but in my opinion, I can’t do so often enough., * * * As I said at the start of this memo, I’m not an equity investor, and I’m certainly no expert on technology., This memorandum is being made available for educational purposes only and should not be used for any other purpose.

The Roundup: Top Takeaways From Oaktree's Quarterly Letters - 2Q2022

In today’s uncertain environment, we’re reminded of a quote from Warren Buffett that Howard included in his memos It’s All Good (July 2007) and The Tide Goes Out (March 2008): “It’s only when the tide goes out that you find out who’s been swimming naked.”

Investing in Real Assets Today

Any offer of securities or funds may only be made pursuant to a confidential private placement memorandum, subscription documents and constituent documents in their final form.

Assessing Relative Value in Credit amid Coronavirus Uncertainty

The further we moved away from the GFC, the less the memory of the dramatic volatility from the crisis resonated with investors.

The Memo: This Time It's Different

Behind the Memo - The Indispensability of Risk with Howard Marks, Bruce Karsh, and Maurice Ashley

Bull Market Rhymes

They’ll be the topic of this memo., I want to mention up front that this memo has nothing to do with assessing the markets’ likely direction from here., The first is the extreme brevity of the financial memory., Memory, prudence, realism, and risk aversion would only get in the way of that dream., This memorandum is being made available for educational purposes only and should not be used for any other purpose.

Lessons from Silicon Valley Bank

(However, for a caveat, please see this memo’s last few paragraphs.), A Word on Regulation In March 2011, in the aftermath of the GFC, I published a memo called On Regulation ., April 17, 2023 Legal Information and Disclosures This memorandum expresses the views of the author as of the date indicated and such views are subject to change without notice., This memorandum is being made available for educational purposes only and should not be used for any other purpose., This memorandum, including the information contained herein, may not be copied, reproduced, republished, or posted in whole or in part, in any form without the prior written consent of Oaktree