233 results for "memo":

Showing 71 - 80 of 233 results

2004-10-27-risk-and-return-today

A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: Howard M a rks Re: RiskandReturn Today A single word is enough to describe the overall investment world today: lackluster., In response, I wrote a piece called “The Cat, the Tree, the Carrot and the Stick” as part of my memo “What’s Going On?”, In my memo “What’s Your Game Plan” on investing and sports (September 5, 2003), I mentioned the importance of “playing within yourself,” or “not trying to do things you’re not capable of, or things that can’t be accomplished within the environment as it exists.”
On the Other Hand

All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: On the Other Hand It often happens that just as I’m about to release a memo, I come across something that absolutely has to be incorporated., I think the topic is very important, so much so that I’m now going to devote a memo to the subject of Fed interest-rate management
Mysterious

All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: Mysterious Most of the time, my memos have their origin in something interesting that’s happening in the world or in a series of events I come across that I think can be interestingly juxtaposed., The other day, my colleague Ian Schapiro, the leader of Oaktree’s Power Opportunities and Infrastructure groups, suggested I write a memo about negative interest rates., This question takes me back to my immediate response to Ian’s suggestion that I write this memo: nobody knows, and certainly not me.
2000-05-01-irrational-exuberance

A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: HowardMarks Re: Irrational Exuberance Recent years have witnessed great excesses in the stock market., Thus I will attempt below to combine a number of ideas and bits of empirical data I've stored up over recent weeks in a memo which expresses my views and hopefully is of value to you., That being the case, I'm not going to miss the opportunity to celebrate the correctness to date of my last memo, “bubble. com.”, The table below lists the stocks mentioned in that memo and their declines from its publication at year end, and from the highs reached since then, to the April trough
Walking into the Unknown_Transcript

Looking over that year of memo writing, does anything jump out at you?, David The biggest theme, I think, of this year and the thing that I think people are going to look back on a year or so from now and talk about how amazing it was, and I’ll steal the theme from Howard’s Sea Change memo, but really, you have the ability to buy debt with an equity-like prospective return.
2006-12-07-pigweed

A l l R i g h t s R e s e r v e d Memo to: OaktreeClients From: HowardMarks Re: Pigweed A t C i t i b a n k b a c k i n t he ’70s, Chief Investment Officer Peter Vermilye placed a lot of emphasis on building team spirit., TIn a memo on hedge funds in October 2004, I mentioned that when there’s a big increase in the number of little fish attempting to live off each big fish’s leavings (or in the number of hedge funds relative to mainstream investors), the pickings become slimmer., TURisk Management and Risk Managers TYou know from my memo of February entitled “Risk” that I’m not a big fan of quantitative risk management., TIn the memo on risk, I enumerated several criteria that should be present if modeling is to prove effective., When sellers’ urgency increases, they’re likely to have to give on price in order to achieve the “immediacy” they crave (see my memo “Investment Miscellany,” November 16, 2000).
Something of Value

I’ve heard a variety of views, and while I have my own, I don’t want to make it the subject of this memo., The Value Mentality in Action Back in 2017, my memo There They Go Again . . ., Back to the Original Question I’ll move toward ending this memo by turning to the question I mentioned at the outset: Is the recent underperformance of value investing a temporary phenomenon?, My conversations with Andrew over the ten months of the pandemic have represented a “voyage of discovery” and culminated in this memo., I hope you’ll find this memo interesting and helpful, and I wish you all the best in 2021.
Economic Reality

All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: Economic Reality Addendum, June 13: There’s been a lot of response since the memo that follows was originally published on May 26., That’s what caused me to write the memo: in politics and government – unlike the real world – the word “or” often goes out the window, replaced by “and.”, I wrote this memo to help readers understand why, The realities of economics are the subject of this memo., * * * Of course, this leads me to the idea that probably did more than any other to set the wheels in motion for this memo: “we’ll bring back the jobs.”
Political Reality Meets Economic Reality

All Rights Reserved Follow us: Memo to: Oaktree Clients From: Howard Marks Re: Political Reality Meets Economic Reality In 2016 I wrote Economic Reality (in May) and Political Reality (in August), two memos covering subjects I thought were important and timely., The purpose of this memo is to describe what happens when political behavior collides with economic reality, as illustrated in one area where the government is taking steps – tariffs – and another in which debate among politicians is heating up – restrictions on the capitalist system., While populism is somewhat amorphous, here’s a definition for the purposes of this memo: A political philosophy supporting the rights and power of the people in their struggle against the privileged elite., And thus this section of my memo., All Rights Reserved Follow us:  On January 24, just under the wire for inclusion in this memo, Elizabeth Warren took the issue of differential taxation to its ultimate extreme: a wealth tax.
2014-04-08-dare-to-be-great-II

All Rights Reserved Memo to: Oaktree Clients From: Howard Marks Re: Dareto Be Great II In September 2006, I wrote a memo entitled Dare to Be Great, with suggestions on how institutional investors might approach the goal of achieving superior investment results.,  Most importantly for the purposes of this memo, how will you define success, and what risks will you take to achieve it?, In the memo I mentioned my favorite fortune cookie: “the cautious seldom err or write great poetry.”, This goes all the way back to the beginning of this memo, and each organization’s need to establish its creed., Some of this comes from my last memo, on the role of luck