233 results for "memo":
Showing 51 - 60 of 233 results
2007-07-16-its-all-good
I’ve said in the past that I consider “You Can’t Predict,” a primer on cycles, to have been one of my best¸ and also that it evoked the least response of any memo in this decade., Thus I’m offering it as a twofer with this memo; copies are available on request at no additional cost., Thus I’m going to devote this memo to the cycle that’s been underway for the last few years., In this latter regard, I’ll reprint a few paragraphs from “First Quarter Performance,” the 1991 memo cited above., To continue a thread from my last memo, “Everyone Knows,” expecting widespread clinical observation during a market mania makes about as much sense as saying “everyone knows the market has gone too far.”
Easy Money
I received excellent feedback on the memo from clients – encouragement that prompted the many memos that have followed., I thank Zach Kessler, a regular memo reader, for sending it., The relevance of The Price of Time to the trends I’ve been discussing for the last year occasions this memo, As I asked at the time in my memo There They Go Again . . ., Thus, I wrote as follows in my memo You Can’t Predict.
2001-09-16-notes-from-ny
A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: HowardMarks Re: Notesfrom New York Maybe you've already read enough about last week's events, in which case you should feel free to discard this memo., I had no plans for a memo on this subject., This memo may not include much that is new to you but, as usual, I will attempt to pull together my own thoughts and what I've heard and read elsewhere.
Bull Market Rhymes
All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: Bull Market Rhymes While I employ a great many adages and quotes in my writings, my main go-to list consists of a relatively small number., 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., And updating a question I asked in my memo The Happy Medium (July 2004), why has its annual return been between 8% and 12% just six times during this period?, In my 2007 memo The Race to the Bottom, I explained that when there’s too much money in the hands of investors and providers of capital and they’re too eager to put it to work, they bid too aggressively for securities and the chance to lend.
2000-11-16-investment-miscellany
A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: HowardMarks Re: Investment Miscellany Because I've been encouraged by the response to my “bubble. com” and venture capital memos, I'm going to keep writing., Glassman's name may be familiar to you, because my memo of May 1, 2000 took issue with “Dow 36,000,” a book he co-authored., As I wrote in my May memo, investors rapidly incorporate new information into their estimates of security values, and the market rapidly reflects the consensus view of values,...but that doesn't mean the consensus is right.
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.
2006-03-27-it-is-what-it-is
A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: HowardMarks Re: ItIsWhat It Is My first exposure to the phrase that serves as the title for this memo came in 1995, a few days before Oaktree opened its doors., I took Peter’s use of the phrase in 1995 – and I’m using it in this memo – to mean something very different: recognition and acceptance of today’s givens . . . but not necessarily of the end result., In November 2004 I wrote a memo entitled “Risk and Return Today.”, Mark Cutis of Shinsei Bank sent me his memo entitled, “Market of no fear!”, I think a few of them – plus some comments from Warren Buffett’s latest annual report – can be woven into something of relevance to this memo and of interest to you.
Transcript - The Insight Conversations - Howard Marks and Annie Duke
Howard’s 2020 memo, Yo u B e t !, This idea also features quite prominently in Howard’s memo, Yo u B e t !, I took a look at the memo, Yo u B e t !, Howard I was going to say it was the last memo before lockdown., What I said in the memo was, it’s easy to predict what you think is going to happen.
Knowledge of the Future
All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: Knowledge of the Future As I showed by using it again in last week’s memo, I was impressed by the observation of Marc Lipsitch, Harvard epidemiologist, that there are (a) facts, (b) informed extrapolations from analogies to other viruses and (c) opinion or speculation., I chose the title of this memo because it’s such an oxymoron: there’s practically no such thing as meaningful knowledge regarding the future investment environment., Thus, this memo will be about some things people think they know but may not.
2007-12-17-no-different-this-time-the-lessons-of-07
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 : NoDifferentThisTime – The Lessons of ‘07 On July 16, I published a memo called “It’s All Good.”, The bullish balloon remained unpunctured as of July 16, and some may have thought my memo unduly pessimistic., I don’t doubt that it is, and for that reason his statement calls to mind a 2005 memo titled “Hindsight First, Please (or, What Were They Thinking?).”, In August 1996, I wrote a memo showing that in the Wall Street Journal’s semi-annual poll of economists, on average the predictions are an extrapolation of the current condition.